Pilgrim's Pride Forms Special Committee to Review JBS Buyout Proposal

Seeking Alpha··USBR·Read original
3▲2 ▼0Impact / 5
Summary · why it matters

Pilgrim's Pride said its board has formed a special committee of independent and disinterested directors to review and evaluate the previously announced unsolicited proposal from JBS in August. The special committee has selected Ropes & Gray LLP as legal counsel and Moelis & Company LLC as financial advisor to assist in its review and evaluation of the JBS proposal, according to a statement on Friday. Pilgrim's Pride will not approve the transaction proposed by JBS without the favorable recommendation of the special committee and the affirmative vote of a majority of the votes cast by holders of Pilgrim's Pride shares not held by JBS or its affiliates. In August, JBS, which already owns about 82% of Pilgrim's Pride, proposed buying all the remaining publicly traded shares in an all-stock transaction that would give Pilgrim's Pride shareholders 2.086 JBS Class A shares for each Pilgrim's Pride share. Shares of Pilgrim's Pride edged higher by 0.6% on Friday, while JBS rose 1.2%.

Impact on assets 4

Consumer Staples▲
Pilgrims Pride Corp
PPC
▲ PositiveCapitalrelevance

Pilgrim's Pride formed a special committee to evaluate JBS's buyout proposal for its remaining shares.

JBS N.V.
JBS
▲ PositiveCapitalrelevance

JBS's all-stock buyout proposal for remaining Pilgrim's Pride shares advances as the special committee reviews it.

Financials▲
Moelis & Co
MC
± MixedCapitalrelevance

Moelis is named as financial advisor to Pilgrim's Pride's special committee, a mandate but no stated financial impact.

Cloud & Digital Infrastructure▲

Off-coverage companies 1

Ropes & Gray LLPi
Private± Mixedrelevance