Pilgrim's Pride forms committee to review JBS proposal

By Adriano Marchese Pilgrim's Pride has formed a special committee of independent directors to consider an unsolicited bid from the world's largest meatpacking company JBS. In mid-August, JBS, which currently owns about 82% of Pilgrim's common stock, made the proposal that would give Pilgrim's Pride shareholders exposure to a bigger and more diversified global business. Pilgrim's Pride operates protein processing plants and prepared-foods facilities focusing on poultry products in 14 states, Puerto Rico and Mexico, as well as in Europe, employing around 63,000 people across its operations. JBS proposed a fixed exchange ratio of about 2.1 shares of its Class A common stock for each share of Pilgrim's Pride's common stock, based on the Aug. 18 closing prices of $13.66 and $28.49, respectively. Pilgrim's Pride said its board won't approve any transaction without the favorable recommendation of the special committee, and also cautioned that there couldn't be any assurance that any particular outcome. Write to Adriano Marchese at adriano.marchese@wsj.com (END) Dow Jones Newswires October 09, 2026 08:50 ET (12:50 GMT) Copyright (c) 2026 Dow Jones & Company, Inc. The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.