(RTTNews) - JBS N.V. (JBS) has submitted a non-binding proposal to the Board of Pilgrim's Pride (PPC) to acquire all of the outstanding shares of common stock of PPC that are not owned by JBS or its affiliates for a fixed exchange ratio of 2.086 JBS Class A common shares for each PPC share of common stock. JBS currently owns approximately 82% of PPC's common stock. Following completion of the proposed transaction, shares of PPC common stock would no longer be quoted on Nasdaq and shares of PPC common stock would be deregistered.
JBS expects that the proposed transaction will require the approval of a majority of the votes cast by the shares of PPC common stock that are not owned by JBS or its affiliates, as well as customary closing conditions.
At prior close on NasdaqGS, Pilgrim's Pride stock was trading at $28.49. Overnight, shares rose to $30.00.