Pilgrim's Pride forms special committee to review meatpacker JBS buyout bid

Pilgrims Pride

09/10/2026 14:15

Oct 9 (Reuters) - Pilgrim's Pride Corp PPC.O said on Friday its board has formed a special committee of independent directors to evaluate majority shareholder JBS's JBS.N unsolicited bid to acquire the remaining shares of the US poultry producer.
One of the world's largest meatpackers disclosed in August it wanted to acquire the Pilgrim's Pride shares it did not already own, seeking full control and a delisting of the company.
JBS, which already owned about 82%, offered 2.086 Class A shares, or $28.49, per Pilgrim's Pride share in its proposal — in line with the stock's closing price that day.
The special committee has appointed Ropes & Gray LLP as legal counsel and Moelis & Company LLC as financial adviser to assist in reviewing the proposal, Pilgrim's Pride said.
The company said its board would not approve the proposed transaction without a favorable recommendation from the special committee.
It added there was no assurance that a definitive agreement would be reached or that any transaction would ultimately be completed.
Shares of the company last closed at $28.50, giving it a market capitalization of $6.79 billion, according to data compiled by LSEG.

 (Reporting by Sanskriti Shekhar in Bengaluru; Editing by Vijay Kishore)
 ((Sanskriti.Shekhar@thomsonreuters.com))