3/30/2023 0 Comments Jbs pilgrims![]() ![]() The proposed acquisition of the remaining shares in PPC not owned by JBS or its subsidiaries would further simplify JBS’s corporate structure and enhance future strategic flexibility to grow and better serve its customers. JBS’s existing majority ownership in PPC has enabled JBS to expand its portfolio in the United States beyond beef and broaden its retail distribution network. (Subscription required.Brazil's JBS announced that it has submitted to the Board of Directors of Pilgrim’s Pride Corporation a proposal for JBS to acquire all of the outstanding shares of common stock of PPC that are not owned by JBS or its subsidiaries for a price of $26.50 per share in cash (the “Proposed Transaction”).Īs a producer and supplier of all major animal proteins around the world, JBS has been actively reinvesting its capital to grow, providing increased opportunities for producer partners and customers. ![]() The company listed debts $2.7 billion and assets of nearly $3.8 billion in the filing. Pilgrim's Pride declined to comment on the report, but JBS issued a statement in which it said that contrary to media reports, "there is no transaction or firm commitment by the company, at this time, which would justify the disclosure of a material fact regarding the possible acquisition of other companies." Pilgrim's Pride filed for Chapter 11 protection in December 2008, blaming high feed-ingredient costs, an oversupply of chicken, weak market pricing and softening demand. The Wall Street Journal reported Thursday, citing anonymous sources, that the deal was in the final stages of negotiations and would create a company that could challenge the largest U.S. for $2.5 billion, a deal that could allow Pilgrim's Pride to emerge from bankruptcy and fully pay back its lenders and bondholders, Bankruptcy Law360 reported. Brazilian meat company JBS SA is reportedly planning to acquire bankrupt chicken producer Pilgrim's Pride Corp. ![]()
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