RTTNews | Sep 20, 2021 09:48AM EDT

09:47 Monday, September 20, 2021 (RTTNews.com) - Pilgrim's Pride Corp. (PPC) said its board of directors has formed a special committee of independent directors to review and evaluate the unsolicited proposal received from JBS S.A. to acquire all of the outstanding shares of common stock of PPC that JBS does not currently own.

The PPC board will not approve the deal proposed by JBS without the prior favorable recommendation of the special committee. The company noted that any transaction will be conditioned on the affirmative vote of a majority of PPC shares that are not held by JBS or its affiliates.

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