The board of directors of Pilgrim’s Pride Corporation (PPC) has formed a special committee to review an unsolicited proposal received in August from JBS N.V. to acquire all of the outstanding shares of PPC’s common stock that JBS does not currently own.
“The PPC board of directors will not approve the transaction proposed by JBS without the favorable recommendation of the special committee, and any such transaction is expected to be conditioned on the affirmative vote of a majority of the votes cast by the holders of PPC shares not held by JBS or its affiliates,” the board said in a statement.
