Pilgrims Pride Co.

Pilgrim’s Pride and its subsidiary Pilgrim’s Europe Finance plc intend to privately place senior notes totalling up to €500 million, subject to market conditions. Net proceeds are to be used for general corporate purposes, including financing the acquisition of Walkers Deli & Sausage Company and related costs; the offering is not conditioned on the completion of the acquisition. The securities will be offered to qualified institutional buyers under Rule 144A and to non‑US persons under Regulation S and will not be registered under the US Securities Act. The company notes usual risks and uncertainties that could affect the success of the offering and its terms. » Altro su de.investing.com

Pilgrim’s Pride shares climbed about 6.5% in premarket trading after majority shareholder JBS made a non-binding offer to acquire the remaining publicly traded shares. JBS, which holds roughly 82% of the common stock, offered an exchange ratio of 2.086 JBS Class A shares for each PPC share, valuing the offer at $28.49 per share (Tuesday’s closing prices) and aiming for full consolidation followed by a delisting. The offer requires approval from a special committee of independent directors appointed by the board and a majority of the minority shareholders not affiliated with JBS. Investors priced in the prospect of negotiations or a takeover premium, pushing the stock as high as $30.45 at times; UBS confirmed its buy rating on JBS. In addition, a planned acquisition of Walkers Deli & Sausage Company by Pilgrim’s Pride’s European arm bolsters the growth story ahead of the transaction. » Altro su de.investing.com

The European arm of Pilgrim’s Pride has announced an agreement to acquire Walkers Deli & Sausage Company from Samworth Brothers, which pushed the share price up about 3.4%. Completion is subject to approval by the UK Competition and Markets Authority and employee consultations. The acquisition is intended to strengthen Pilgrim’s presence in the processed premium pork products segment and builds on an existing live-pig supply relationship, reducing integration risk. Despite the share increase, the stock still trades well below its 52-week high, reflecting past margin and earnings pressures. » Altro su de.investing.com