Update from Special Committee of Pilgrim’s Pride
February 04 2022 - 4:45PM
The Special Committee of the Board of Directors of Pilgrim’s Pride
Corporation (NASDAQ: PPC) today provided an update to the full
Board of Directors of Pilgrim's Pride on the status of discussions
with JBS S.A. regarding JBS's unsolicited proposal to acquire all
of the outstanding shares of common stock of Pilgrim's Pride that
JBS does not currently own for $26.50 per share in cash, which was
previously announced on August 13, 2021.
The Special Committee has carefully and thoroughly reviewed the
proposal from JBS in consultation with its financial and legal
advisors. On October 29, 2021, the Special Committee informed JBS
that it would not support the JBS proposal unless JBS significantly
increased its purchase price. On November 15, 2021, JBS offered to
increase its purchase price from $26.50 per share to $28.50 per
share. The Special Committee, in consultation with its financial
and legal advisors, determined that the revised proposal from JBS
does not appropriately value the shares of Pilgrim's Pride owned by
shareholders other than JBS, and again informed JBS that the
Special Committee would not support the JBS proposal unless JBS
significantly increased its purchase price. On January 12, 2022,
JBS informed the Special Committee that it is continuing to
evaluate the Special Committee's response to the JBS proposal, and
is considering whether to further revise the terms of its proposal.
On February 4, 2022, JBS informed the Special Committee that it
expects to provide a response to the Special Committee by the end
of February. There can be no assurance that JBS and the Special
Committee will reach an agreement with respect to the JBS proposal,
or that a transaction will be completed.
About Pilgrim’sAs a global food company with
more than 56,000 team members, Pilgrim’s processes, prepares,
packages and delivers fresh, frozen and value-added food products
for customers in more than 100 countries. For more information,
please visit www.pilgrims.com.Media Contact:Nikki
RichardsonCorporate Communicationsnikki.richardson@jbssa.com
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