February 23, 2022

JBS withdraws bid to purchase Pilgrim's Pride shares

JBS SA has withdrawn a bid to buy all of Pilgrim's Pride outstanding shares, as it was unable to come to an agreement regarding to the proposed transaction terms, the Reporter Herald and The Wall Street Journal reported.

This was the second bid by JBS, which owns 80% of Pilgrim's Pride. In a filing with the US Securities and Exchange Commission, Pilgrim's Pride said it had rejected an initial offer of US$28.50 per share from JBS in November 2021.

Pilgrim's Pride said the factors behind rejecting the offer include its acquisition of the Kerry Consumer Foods Meats and Meals business, the company's good performance in the fourth quarter of 2021, various efficiency initiatives and other factors.

-      Reporter Herald and The Wall Street Journal