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Why Pilgrim’s Pride Stock Was Soaring Today
Shares of Pilgrim’s Pride (NASDAQ: PPC), one of the nation’s biggest poultry processors, jumped today after JBS (OTC: JBSAY), the world’s biggest meat packaging company, proposed making a full acquisition of Pilgrim’s Pride, buying the shares it didn’t already own. In a filing this morning, Pilgrim’s Pride said JBS proposed acquiring the remaining 19.5% of Pilgrim’s Pride that it didn’t own for $26.50 a share. Given the fact that JBS is already Pilgrim’s Pride’s majority owner, a deal seems likely to go through.
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