JBS proposes to acquire remaining 18% of Pilgrim's Pride for 2.086 JBS shares per PPC share

JBS N.V.

JBS offers fixed exchange ratio of 2.086 JBS Class A shares per PPC share; based on Aug 18, 2026 closes ($13.66 JBS, $28.49 PPC), implied value ~$28.49/share, no premium.
JBS currently owns ~82% of PPC; proposal covers all outstanding shares not owned by JBS or affiliates.
Non-binding proposal subject to approval by a special committee of independent PPC directors and majority of votes cast by unaffiliated PPC shares.
Transaction would simplify structure, eliminate PPC standalone public costs, and delist PPC from Nasdaq; no JBS shareholder approval required.
Citi (financial), White & Case (legal), and Collected Strategies (communications) advising JBS.

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