JBS SA has scrapped a proposal to purchase the remaining shares of its US-based subsidiary Pilgrim’s Pride, according to Reuters.
Pilgrim’s shares fell nearly 15% after the Brazilian meatpacking giant said it would abandon the deal with the Colorado-based company. Pilgrim’s refused two offers, one at $26.50 and another at $28.50 a share, claiming that the board believed the offers were not reflective of the firm’s value.
Back in August, JBS announced that it had proposed acquiring the remaining common shares in Pilgrim’s Pride that it doesn’t already own.
JBS owns a 80.21% stake in the company already via subsidiaries.
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