JBS Buys Pilgrim's Pride Stake For $800M

Law360, New York (September 16, 2009, 3:09 PM EDT) -- Brazilian meat company JBS SA is set to snap up a 64 percent stake in Pilgrim's Pride Corp. for $800 million, a deal the companies said would allow the bankrupt chicken producer to emerge from bankruptcy and fully pay back its lenders and bondholders.

The transaction — which represents an enterprise value of approximately $2.8 billion — was announced Wednesday in tandem with a joint plan of reorganization and disclosure statement filed by Pilgrim's Pride in the U.S. Bankruptcy Court for the Northern District of Texas,...
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