Pilgrim's Pride forms special committee to weigh JBS buyout offer
The committee has hired Ropes & Gray as legal counsel and Moelis & Company as financial advisor to review the proposal
Published
Pilgrim's Pride has formed a special committee of independent directors to review an unsolicited proposal from JBS N.V. to buy all the shares of Pilgrim's Pride it does not already own. JBS made the offer on August 18, 2026.
The committee has retained Ropes & Gray LLP as legal counsel and Moelis & Company LLC as financial advisor. Pilgrim's Pride says its board will not approve any deal without the committee's favorable recommendation, and that any transaction is expected to need approval from a majority of votes cast by shareholders other than JBS and its affiliates.
The company says there is no assurance a definitive agreement will be reached or that any transaction will be completed.
Setting up a committee with its own outside lawyers and bankers signals the board wants a process that can hold up to scrutiny over whether minority shareholders are treated fairly, a structure regulators and courts typically expect when a majority owner moves to buy out the rest of a public subsidiary. The requirement for majority approval from unaffiliated shareholders gives those holders a check JBS cannot get around just by negotiating with management, which could slow talks or push JBS toward a higher price if the independent directors decide the current proposal is not enough. Because no deal is guaranteed, the committee could also reject the terms outright and leave Pilgrim's Pride independent for now.