JBS proposed a fixed exchange ratio of 2.1 shares of its Class A common stock for every Pilgrim’s Pride share. Based on the market closing prices from August 18—$13.66 for JBS and $28.49 for Pilgrim’s Pride—the offer seeks to consolidate the company’s massive footprint. Pilgrim’s Pride currently manages protein processing and prepared-foods plants across 14 U.S. states, Puerto Rico, Mexico, and Europe, maintaining a workforce of approximately 63,000 employees.

The board of Pilgrim’s Pride confirmed that no transaction will proceed without a favorable recommendation from the newly formed independent committee. Executives emphasized that the formation of this panel does not guarantee a specific outcome or that any deal will ultimately be reached.