Pilgrim's Pride gets more than 90% of Gold Kist's shares

By Lisa Kerner

Charlotte, N.C., Jan. 8 - Pilgrim's Pride Corp. said it completed the tender offer period to acquire all of the outstanding shares of Gold Kist Inc. common stock for $21.00 per share in cash.

More than 47 million shares, or 92% of Gold Kist outstanding common stock, have been tendered through Jan. 5, according to a news release.

The two companies entered into a definitive merger agreement on Dec. 3. Boards of both companies have approved the transaction that has a total equity value of about $1.1 billion, in addition to the assumption or refinancing of $144 million of Gold Kist's debt.

Pilgrim's Pride plans to acquire the remaining Gold Kist shares through a merger of the acquisition vehicle, Protein Acquisition Corp.

Gold Kist will be a wholly owned subsidiary of Pilgrim's Pride once the merger is completed.

Pilgrim's pride had previously announced a completed debt tender offer to purchase Gold Kist's outstanding 10¼% senior notes due March 15, 2014.

Located in Pittsburg, Texas, Pilgrim's Pride is the largest chicken producer in the United States and Puerto Rico.

Gold Kist is a poultry processor based in Atlanta.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.