Pilgrim’s Pride Corp. (PPC): Thoughts on the proposed takeout by JBS

Research evidence excerpt

Equity Research

20 August 2026 | 7:03PM CDT

Pilgrim’s Pride Corp. (PPC): Thoughts on the proposed takeout by JBS

PPC received an unsolicited proposal from its majority stockholder JBS to acquire all

of the outstanding shares of common stock of the company not already owned by

JBS. See within for our key takeaways, which aim to address common investor

questions we have received since the announcement.

Key Takeaways

n What happened: PPC received an unsolicited proposal from its majority

stockholder JBS (covered by Thiago Bortoluci; see his view here) to acquire all of

the outstanding shares of common stock of the company not already owned by

Leah Jordan, CFA

Goldman Sachs & Co. LLC

Eli Thompson

+1(713)904-8289 |

Goldman Sachs & Co. LLC

Aman Verma

+1(332)245-7791 |

Goldman Sachs India SPL

JBS or its subsidiaries for a fixed exchange ratio of 2.086 JBS Class A common

shares for each PPC share, based on the closing share prices of JBS and PPC on

August 18th of $13.66 and $28.49, respectively.

n

Why now: JBS previously proposed a similar transaction in August 2021, then

increased its offer price, before withdrawing the deal in February 2022. While

both offer periods were during cyclical lows in the chicken cycle, the key

distinction this time is the offering is in shares (vs cash previously), which could

reduce the potential investor concern regarding a takeout during a cyclical low

period. Another key difference is JBS is now listed in the US.

n

Expected next steps: PPC has acknowledged receipt of the offer and will be

forming a special committee to review and evaluate the proposal. The special

committee should consist of two independent directors, although the board may

appoint additional members, and we expect to see communication from the

company when this selection is complete, similar to the last time. Management

will have limited visibility into their process but will submit data to the

committee.

n

Implications for the competitive landscape in chicken: Given PPC is already

majority-owned by JBS (82.1%) and operations are generally managed by

country/category/protein, we would expect the existing team to largely continue

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