Food Industry
Industry: Email Alert RSS FeedPilgrim's Pride buys Gold Kist.(Fast Food Facts)
Food Manufacturing, December, 2006
Gold Kist Inc. has agreed to be acquired by Pilgrim's Pride Corp. in a $1.1 billion deal that will create the world's largest poultry company. Under the agreement announced early Dec. 4, dTexas-based Pilgrim's Pride will acquire all of Atlanta-based Gold Kist's common stock for $21 a share in cash and will assume $144 million of Gold Kist debt.
The transaction has the unanimous approval of the boards of directors of both companies. Pilgrim's Pride had earlier launched a $1 billion hostile takeover bid for Gold Kist after the two companies failed to agree on a deal. Gold Kist rejected the offer and said it would take measures to enhance its performance. In November, Gold Kist reported a net loss of $17.7 million on $2.1 billion in sales in...
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