Pilgrims Pride Stock Price, News & Analysis

Pilgrim’s Pride Corporation (PPC) has completed the acquisition of Kerry Consumer Foods’ Meats and Meals business for £680 million (approximately $932 million). This acquisition, which will operate under Pilgrim’s European division, was funded through a recent senior notes offering and a credit facility. The deal aims to expand Pilgrim’s market presence and product offerings in the meat sector, reinforcing its competitive position in the food industry.

The board of directors of Pilgrim's Pride Corporation (NASDAQ: PPC) has established a special committee of independent directors to assess JBS S.A.'s unsolicited acquisition proposal submitted on August 12, 2021, targeting all outstanding shares of PPC not already owned by JBS. The committee has appointed Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel and Goldman Sachs & Co. LLC as financial advisor for the evaluation process. Any potential transaction will need the committee's favorable recommendation and a majority vote from shareholders not affiliated with JBS.

Pilgrim’s Pride Corporation (NASDAQ: PPC) announced the successful closing of a $900 million offering of 3.500% Senior Notes due 2032. The net proceeds will finance the acquisition of Kerry Consumer Foods' Meats and Meals businesses in the UK and Ireland, along with paying related fees. Remaining funds will repay borrowings under its secured credit facility and support general corporate purposes. The offering was conducted privately, exempt from the Securities Act registration requirements, aimed at qualified institutional buyers.

Pilgrim's Pride Corporation (NASDAQ: PPC) has announced the pricing of senior unsecured notes totaling $900 million due in 2032, reflecting a yield of 3.50%. The offering was increased from an initial $750 million due to strong demand and is expected to close on September 2, 2021. Funds will be used for the acquisition of Kerry Consumer Foods' Meats and Meals businesses and to repay existing borrowings. Additionally, S&P Global has affirmed its 'BB+' credit rating for the company, with a positive outlook.

Pilgrim's Pride Corporation (NASDAQ: PPC) announced the offering of up to $750 million in senior unsecured notes. The funds will finance the acquisition of Kerry Consumer Foods' Meats and Meals businesses in the UK and Ireland, alongside related expenses. The company also plans to use proceeds to repay outstanding borrowings and for general corporate purposes. The offering is exempt from registration requirements, targeting qualified institutional buyers. The release contains forward-looking statements, indicating potential risks affecting future performance.

Pilgrim’s Pride Corporation (NASDAQ: PPC) reported a net sales increase of 29% to $3.64 billion for Q2 2021. However, the company faced a GAAP net loss of $166.7 million. Adjusted net income reached $153.8 million, with adjusted EBITDA of $371.6 million, marking a 231.2% year-over-year growth. U.S. operating income margins improved to 7.8%, driven by strong foodservice and retail demand. The company announced an acquisition of Kerry Consumer Foods' Meats and Meals business. Despite strong liquidity, rising grain costs and labor shortages present ongoing challenges.

Pilgrim's Pride Corporation (NASDAQ: PPC) will host its Q2 2021 earnings conference call on July 29, 2021, at 7:00 a.m. MT (9:00 a.m. ET). The event will feature prepared remarks discussing financial and operational results, followed by a Q&A session with executive management. Investors can pre-register for the webcast via the company's investor website to receive a unique PIN for immediate access. The conference call can be joined by dialing designated numbers, and replays will be available post-call.

Pilgrim's Pride Corporation (Nasdaq: PPC) has announced a £680 million acquisition of Kerry Consumer Foods' Meats and Meals business in the UK and Ireland. This acquisition, unanimously approved by the Board, is valued at approximately $952 million and represents an 8.5x multiple on the expected standalone EBITDA for 2021. The transaction aims to enhance Pilgrim's portfolio, adding brands such as Denny and Richmond. Expected to close in Q4 2021, it is subject to customary conditions and regulatory approvals.