Pilgrim's extends tender for Gold Kist
FEEDSTUFFS
October 30, 2006
Pilgrim's Pride Corp. announced this morning that it has extended its tender to acquire the outstanding shares of Gold Kist Inc., which was to expire last Friday, until 5:00 p.m. EST Nov. 29. The company said as of last Friday, about 33% of Gold Kist stock had been tendered and not withdrawn. Pilgrim's Pride, the second-largest chicken producer in the U.S., is offering $20 per share for Gold Kist, a 55% premium to where Gold Kist closed prior to the offer, which Gold Kist's board of directors is resisting. If successful, the combination of Pilgrim's Pride and Gold Kist, the third-largest chicken producer in the U.S., would create the largest chicken company in the U.S.
The merger already has passed antitrust review by the U.S. Department of Justice.
feedstuffs.com
FEEDSTUFFS
October 30, 2006
Pilgrim's Pride Corp. announced this morning that it has extended its tender to acquire the outstanding shares of Gold Kist Inc., which was to expire last Friday, until 5:00 p.m. EST Nov. 29. The company said as of last Friday, about 33% of Gold Kist stock had been tendered and not withdrawn. Pilgrim's Pride, the second-largest chicken producer in the U.S., is offering $20 per share for Gold Kist, a 55% premium to where Gold Kist closed prior to the offer, which Gold Kist's board of directors is resisting. If successful, the combination of Pilgrim's Pride and Gold Kist, the third-largest chicken producer in the U.S., would create the largest chicken company in the U.S.
The merger already has passed antitrust review by the U.S. Department of Justice.
feedstuffs.com