Pilgrim’s Pride said its board has formed a special committee of independent and disinterested directors to evaluate JBS N.V.’s unsolicited proposal to buy all of the Pilgrim’s shares it does not already own.
The company said the proposal was received on Aug. 18, 2026. The special committee has hired Ropes & Gray LLP as legal counsel and Moelis & Company LLC as financial adviser.
Pilgrim’s said its board will not approve the transaction without a favorable recommendation from the special committee. Any deal would also require approval by a majority of the votes cast by Pilgrim’s shareholders excluding shares held by JBS or its affiliates.
The company did not say whether it expects to reach a definitive agreement. It also said there is no assurance the proposal will result in a completed transaction.
Pilgrim’s said it employs about 63,000 people and operates protein processing plants and prepared-foods facilities across 14 states, Puerto Rico, Mexico, the U.K., the Republic of Ireland and continental Europe. Following these announcements, the company's shares moved 1.35%, and are now trading at a price of $28.50. For more information, read the company's full 8-K submission here.
