Pilgrim's Pride completes tender offer for Gold Kist shares
Chicken producer Pilgrim's Pride Corporation has announced the expiry of its initial offer to acquire all of the outstanding shares of Gold Kist Inc. common stock for $21 per share in cash, and the commencement of a subsequent offering period. The company has accepted all shares validly tendered and not properly withdrawn and expects to complete the transaction early this month.
The initial offer and withdrawal rights expired towards the end of December last year, at which point approximately 88.87% of Gold Kist's outstanding shares had been tendered and not withdrawn. All shares validly tendered and not properly withdrawn prior to expiry of the offer have been accepted for payment by Pilgrim's Pride.
Pilgrim's Pride and Gold Kist entered into a definitive merger agreement at the beginning of December last year, with Pilgrim's Pride agreeing to acquire all of the outstanding shares of Gold Kist common stock. Following the merger, Gold Kist will be a wholly-owned subsidiary of Pilgrim's Pride, making the latter the largest chicken producer in the
