Pilgrim's Pride to pay $1.1 billion for Gold Kist
Rural Cooperatives, Jan-Feb, 2007 by Dan Campbell
Atlanta-based Gold Kist has agreed to a $1.1 billion takeover by Pilgrim's Pride Corp., according to a December report in the Atlanta Constitution Journal. Gold Kist investors will get $21 a share, $1 per share more than an earlier offer, the companies announced. The deal will create the world's largest chicken company in terms of production, displacing Tyson Foods.
Pilgrim's Pride has said previously that it would not close facilities or lay workers off after a merger. Gold Kist's Chairman A.D. Frazier said in a news release announcing the deal that "after careful consideration" a special committee of independent directors as well as the whole board "determined that the Pilgrim's Pride enhanced offer is in the best interests of our shareholders, employees, growers and customers. We look forward to working with the Pilgrim's Pride board and management on a smooth integration, and we recommend that all stockholders embrace this transaction by tendering their shares."
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Gold Kist was once America's largest poultry co-op, prior to converting to an investor-owned corporation.
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