JBS S.A. (BOVESPA:JBSS3) made a proposal to acquire remaining 19.79254% stake in Pilgrim's Pride Corporation (NasdaqGS:PPC) for $1.3 billion on August 12, 2021. JBS acquires Pilgrim's Pride at a price of $26.50 per share in cash. The proposed acquisition of the remaining shares in PPC not owned by JBS or its subsidiaries would further simplify JBS's corporate structure and enhance future strategic flexibility to grow and better serve its customers.

The Proposed Transaction would be subject to the approval of a fully empowered special committee of independent and disinterested directors appointed by the PPC Board of Directors, advised by independent legal and financial advisors. In addition, the Proposed Transaction would be subject to the approval of holders of a majority of the aggregate voting power represented by shares of PPC common stock that are not owned by JBS or its affiliates and other customary closing conditions. On November 15, 2021, JBS offered to increase its purchase price from $26.50 per share to $28.50 per share.

The Special Committee, in consultation with its financial and legal advisors, determined that the revised proposal from JBS does not appropriately value the shares of Pilgrim's Pride. On February 4, 2022, JBS informed the Special Committee that it expects to provide a response to the Special Committee by the end of February regarding the revised proposal. Barclays is serving as financial advisor and Cravath, Swaine & Moore LLP is serving as legal advisor to JBS.

Stebbins, Ann Beth from Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor and The Goldman Sachs Group, Inc. (NYSE:GS) acted as financial advisor to special committee of Pilgrim's Pride Corporation.