BRASILIA, Aug 12 - The world's largest meatpacker JBS SA said on Thursday that it has proposed acquiring the remaining common shares in its U.S. subsidiary Pilgrim's Pride Corporation in order to delist the company.
Brazil-based JBS said in a securities filing that its board approved an offer letter to be sent by Pilgrim's Pride to acquire the remaining shares in circulation for $26.50 per share.
JBS already owns a stake in Pilgrim Pride via subsidiaries, which processes chicken and pork sold in North America and Europe. Pilgrim Pride had agreed to buy a majority stake in the Brazilian firm in 2009.
The proposed acquisition of the remaining shares in circulation must be approved by a special committee of Pilgrim's Pride board members and a majority of voting shares in the company.