Pilgrim's Pride forms special committee to review JBS buyout bid
PPC•Pilgrim's Pride said its board formed a special committee of independent directors to evaluate JBS's unsolicited offer for the shares it does not already own. JBS offered 2.086 Class A shares, or $28.49, per share; no deal is assured.
1. Committee to review offer
Pilgrim's Pride said its board formed a special committee of independent directors to evaluate majority shareholder JBS's unsolicited bid for the remaining shares of the U.S. poultry producer. The committee appointed Ropes & Gray as legal counsel and Moelis & Company as financial adviser.
2. Terms and conditions
JBS, which already owned about 82% of Pilgrim's Pride, offered 2.086 Class A shares, or $28.49, per share. Pilgrim's Pride said its board would not approve the transaction without a favorable recommendation from the committee, and added that there was no assurance of a definitive agreement or completed transaction.
