Media reports out of South American indicate that JBS S.A. has been talking buyout with Pilgrim's Pride Corporation. Thursday the Wall Street Journal reported that JBS has made an offer of $2 billion to Pilgrim's Pride Corp. to acquire the company, and discussions are in near the "done deal" stage.
The acquisition would make JBS, the third-largest beef and third-largest pork processor in the U.S., one of the two largest chicken integrators in the U.S., substantially tied with Tyson Foods Inc. as the largest.
Pilgrim's Pride filed for Chapter 11 bankruptcy protection last December and must file its reorganization plan by Sept. 30. The company has said it aims to exit from bankruptcy by the end of this year. As part of that effort, the company has been selling properties.
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