JBS Offers to Buy Remaining 20% of Pilgrim's Pride

JBS has owned 80% of Pilgrim's since 2009.

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A recent filing with the US Securities and Exchange Commission shows that JBS S.A. — the world's largest meat producer — wants to buy the remaining one-fifth of Pilgrim's Pride that it doesn't already own.

An Aug. 12 filing by Pilgrim's confirms that JBS made an unsolicited proposal to acquire the remaining 19.79 percent of the company at a price of $26.50 per share, subject to certain conditions.

The filing said that Pilgrim's board of directors will form a special committee to review and evaluate the proposal, adding that there is no assurance that the proposal will result in a deal.

JBS — based in Brazil — bought its 80.21 percent stake in Pilgrim's in 2009. Both companies are based in Greeley, CO.

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