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Bond Market News
JBS Seeks to Fully Acquire Pilgrim’s Pride
August 19, 2026
– Vandit P
JBS has made a fresh attempt to gain full control of US poultry producer Pilgrim’s Pride by offering to acquire the remaining 18% stake it does not already own. Under the non-binding proposal, Pilgrim’s Pride shareholders would receive 2.086 JBS Class A shares for each Pilgrim’s share, implying a value of about $28.49/share, equivalent to Pilgrim’s closing share price on Tuesday. JBS has controlled about 82% of Pilgrim’s Pride since acquiring a majority stake in 2009 and previously attempted to buy the remaining shares in 2021, but withdrew its all-cash proposal after the companies failed to agree on a price. The latest offer comes as Pilgrim’s market value stands at ~$6.8bn, with its stock down about 27% this year. JBS said full ownership would simplify the group’s corporate structure, eliminate costs associated with maintaining Pilgrim’s as a standalone public company and improve capital allocation flexibility. The proposal remains subject to review and approval by Pilgrim’s independent directors and minority shareholders. The move follows several strategic developments at JBS, including the appointment of Wesley Batista Filho as CEO from 2027 and a planned joint venture with Indonesia’s sovereign wealth fund.
JBS’s dollar bonds traded stable. Its 4.25% 2031s were at 95.6, yielding 5.3%
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