JBS moves to buy out Pilgrim’s Pride

On Aug. 18, 2026, JBS submitted a non‑binding proposal to acquire all remaining publicly held shares of Pilgrim’s Pride. The move, if completed, would give JBS full ownership of the poultry producer and end Pilgrim’s Pride’s status as a publicly traded company.

Under the terms of the proposal, Pilgrim’s Pride shareholders would receive 2.086 JBS Class A shares for each Pilgrim’s Pride share they own. Based on closing prices on the day of the announcement, the exchange ratio was stated to value each Pilgrim’s Pride share at $28.49.

The offer is structured as an all‑stock transaction, with no cash component specified in the announcement. The value cited for Pilgrim’s Pride shares is explicitly tied to the closing prices on Aug. 18, 2026, and could therefore vary with subsequent market moves if a definitive agreement is reached.

The proposal was described as non‑binding, meaning it represents an initial indication of interest rather than a finalized merger agreement. Any definitive deal would require further negotiation of terms and documentation before closing.

The proposal triggers a review by a special committee composed of independent and disinterested directors of Pilgrim’s Pride. This committee is expected to evaluate the offer on behalf of shareholders who are not affiliated with JBS and to consider whether to negotiate or recommend any transaction.

Beyond the special committee’s assessment, completion of the deal would require approval by a majority of votes cast by Pilgrim’s Pride shareholders not affiliated with JBS. The announcement emphasized that the timing and completion of any transaction are uncertain, underscoring that there is no assurance the proposal will lead to a definitive agreement or closing.

If the transaction is completed on the terms described, Pilgrim’s Pride shares would be delisted from Nasdaq and deregistered. That change would end public trading in Pilgrim’s Pride stock and remove the company from U.S. public reporting requirements associated with its listing.

JBS has engaged Citi as its financial advisor on the proposal and White & Case LLP as its legal advisor. These roles cover guidance on valuation, structure, due diligence, regulatory considerations, and documentation as the process advances from a non‑binding indication toward any potential definitive agreement.