Pilgrim’s Pride board forms committee to review JBS acquisition proposal

Pilgrim’s Pride’s board has formed a special committee of independent, disinterested directors to review JBS N.V.’s unsolicited proposal to acquire all outstanding shares of Pilgrim’s Pride common stock that JBS does not already own, the company said.

Pilgrim’s Pride received a proposal from JBS on Aug. 18 to acquire all outstanding PPC common shares that JBS does not currently own, the company said. The committee selected Ropes & Gray LLP as legal counsel and Moelis & Company LLC as financial adviser. The PPC board will not approve the proposed transaction without a favorable recommendation from the committee.

Any such transaction is expected to be conditioned on an affirmative vote by a majority of votes cast by holders of PPC shares not held by JBS or its affiliates, PPC said. The company said there can be no assurance it will enter into a definitive agreement or that a transaction will be consummated.

Pilgrim’s Pride employs approximately 63,000 people. It operates protein-processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K., the Republic of Ireland and continental Europe.