By Colin Kellaher

Brazilian meat conglomerate JBS S.A. said it has proposed to buy the roughly 20% of chicken processor Pilgrim's Pride Corp. is doesn't already own for $26.50 a share in cash.

The offer represents a nearly 17% premium to Thursday's closing price of $22.68 for Greeley, Colo.-based Pilgrim's Pride.

JBS, which already owns about 80.2% of Pilgrim's Pride, said its proposal is subject to the approval of a special committee of independent and disinterested Pilgrim's Pride board members.

The Sao Paolo company said it is only looking to buy the rest of Pilgrim's Pride and it has no interest in selling its stake in the chicken processor.

Shares of Pilgrim's Pride rose 16% to $26.20 in premarket trading Friday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 13, 2021 07:08 ET (11:08 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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