Poultry processor Pilgrim's Pride Corp. last week extended its hostile takeover offer to buy all outstanding shares of rival poultry producer Gold Kist Inc., for $20 per share, or about $1 billion, until November 29

Food & Drink Weekly, Nov 6, 2006

Poultry processor Pilgrim's Pride Corp. last week extended its hostile takeover offer to buy all outstanding shares of rival poultry producer Gold Kist Inc., for $20 per share, or about $1 billion, until November 29. The offer was set to expire October 27. As of that date, 16.8 million shares, or 33 percent of Gold Kist's outstanding shares, had been tendered and not withdrawn.

Pilgrim's Pride first said on September 29. it wanted to buy Gold Kist. That company's board has insisted the offer is not in the best interest of shareholders. Pilgrim's Pride also extended its offer to buy Gold Kist's outstanding 10.25 percent senior notes due March 15, 2014 until November 29. As of October 30, the company had received tenders and related consents from about 99.9 percent of the aggregate principal amount of the outstanding amount of the outstanding Gold Kist notes.