Pilgrim's Pride announces terms for rights offering

by Meat&Poultry Staff
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GREELEY, Colo. – Pilgrim's Pride Corp. announced on Jan. 4 that the company has set the terms for a previously announced rights offering that could garner approximately $200 million.

Pilgrim's Pride will distribute, at no charge, to the holders of its common stock one non-transferable subscription right for each share of Pilgrim's Pride common stock owned. Each subscription right will entitle the holder to purchase 0.2072 shares of common stock for $4.50 per share. The company said it would not issue fractional shares.

The rights offering also includes an over-subscription privilege, which entitles a stockholder the right to purchase additional shares of common stock that remain unsubscribed at the expiration of the rights offering.

The company's majority stockholder, JBS USA Holdings, Inc. has agreed to participate in the rights offering and exercise the basic subscription and over-subscription privilege in full. Pilgrim's Pride said the expected gross proceeds of the offering would be approximately $200 million.

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