Pilgrim's Pride soars on new JBS take-private offer
BUZZ-Pilgrim's Pride soars on new JBS take-private offer ** Pilgrim's Pride PPC.O shares soar 13.7% to $32.38, an over three-month high in early trading on Weds, after majority owner JBS JBS.N made a new offer to buy the remaining stake it doesn't already own and delist the co
** PPC on course for steepest daily pct gain in five years
** Brazil's JBS, which owns ~82% of the U.S. poultry producer, late Tues proposed a stock-for-stock deal, a different approach from a failed 2021 all-cash bid that was withdrawn after the cos couldn't agree on a price
** Despite the jump, PPC still down 17% YTD, well underperforming Nasdaq's .IXIC ~13% advance
** U.S.-listed JBS shares up ~3% on the session, trimming YTD loss to ~2%
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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