Pilgrim's Pride forms special committee to review JBS acquisition bid

Greeley, Colo., Oct. 9. Pilgrim's Pride Corporation has established a special committee of independent and disinterested directors to evaluate the unsolicited proposal from JBS N.V. to acquire all outstanding shares of the company's common stock that JBS does not currently own. The development was announced on October 9, 2026, in Greeley, Colorado. The proposal, first received on August 18, 2026, was submitted by JBS, which is listed on the NYSE as JBS and on B3 as JBSS32.

The special committee has selected Ropes & Gray LLP to serve as legal counsel and Moelis & Company LLC as its financial advisor. These firms will assist the committee in its review and evaluation of the JBS proposal. The board of directors of Pilgrim's Pride stated that it will not approve the transaction proposed by JBS without the favorable recommendation of this special committee. Furthermore, any such transaction is expected to be conditioned on the affirmative vote of a majority of the votes cast by holders of Pilgrim's Pride shares who are not affiliated with JBS or its affiliates.

The company noted that there can be no assurance that a definitive agreement relating to the proposal will be entered into, or that any transaction will be consummated. Pilgrim's Pride maintains a workforce of approximately 63,000 employees across its operations. Its facilities, which include protein processing plants and prepared-foods sites, are located in 14 U.S. states, Puerto Rico, Mexico, the United Kingdom, the Republic of Ireland, and continental Europe. The company primarily distributes its products through retailers and foodservice distributors. The press release includes forward-looking statements that reflect current views about future events and are subject to risks and uncertainties, including the possibility that no definitive agreement will be reached. These statements speak only as of the date of the release, and the company undertakes no obligation to update them.