JBS seeking total control of Pilgrim’s Pride Corp.

SAO PAULO — JBS SA has made an offer to acquire the remaining shares of poultry processor Pilgrim’s Pride Corp. (PPC), Greeley, Colo. The meat processor currently owns approximately 82% of the business.

JBS said it has offered $28.49 per share for the remaining outstanding shares of PPC stock for an implied valuation of $1.2 billion. The company also has offered 2.086 JBS Class A common shares for each PPC share. The per share offer price is in line with PPC’s closing price on Aug. 18.

“For over 16 years, JBS and PPC have worked together as PPC has expanded its operations, strengthened its global presence and significantly grown revenue,” said Jeremiah O’Callaghan, chairman of the JBS board of directors. “We believe this proposal offers PPC stockholders the opportunity to continue participating in PPC’s future performance through ownership of JBS shares, with exposure to a larger and more diversified global business.

“Our long-standing relationship with PPC and familiarity with its team and operations should support continuity for employees, customers and business partners throughout the process.”

JBS bought the majority stake in Pilgrim’s Pride in 2009 for $800 million while the company was emerging from bankruptcy protection. In 2021, JBS proposed buying the remaining shares of PPC.