JBS proposes $1.2 billion buyout of Pilgrim’s Pride

JBS, the world’s largest meatpacker, has submitted a non-binding proposal to acquire the remaining 18% stake in U.S. poultry producer Pilgrim’s Pride. The Brazilian company already controls approximately 82% of the American firm.

The proposed all-stock transaction would value the minority stake at roughly $1.2 billion. Under the terms, Pilgrim’s Pride shareholders would receive 2.086 JBS Class A shares for each share held, based on closing prices from August 18. If successful, the deal would take Pilgrim’s Pride private and remove its listing from the Nasdaq.

JBS stated the move aims to simplify its corporate structure, reduce costs associated with maintaining a public subsidiary, and improve capital allocation. The proposal requires approval from a special committee of independent directors at Pilgrim’s Pride and a majority of non-affiliated shareholders.