In a Feb. 17 securities filing, JBS announced that it has withdrawn its previously announced proposal to acquire all of the outstanding shares of common stock of Pilgrim’s Pride Corporation (PPC) that are not already owned by JBS or its subsidiaries.

The company said it withdrew its offer after it was unable to reach an agreement with the PPC Board of Directors regarding the terms of the proposed transaction.

JBS had made an offer in August 2021 for the acquisition of all outstanding common shares issued by PPC for the price of $26.50 per share. The purpose of the estimated $1 billion transaction was to delist PPC from being publicly traded.

A special committee formed from PPC’s board of directors rejected JBS’s initial offer of $26.50 a share in October 2021, indicating JBS needed to raise the offer. However, PPC then rejected a second offer of $28.50 per share after determining that the revised proposal from JBS did not appropriately value the shares of PPC. At the time, JBS was informed that the special committee would not support another proposal unless JBS significantly increased its purchase price.

JBS currently holds 80.21% of PPC's shares through its subsidiaries after becoming the majority owner in 2009 through an $800 million investment.