The board of poultry group Gold Kist has restated its opposition to the takeover bid by Pilgrim's Pride, writing to its stockholders urging them again to reject the $20-per-share cash offer for the company.

The board of poultry group Gold Kist has restated its opposition to the takeover bid by Pilgrim's Pride, writing to its stockholders urging them again to reject the $20-per-share cash offer for the company. In the letter, Gold Kist says the board has unanimously agreed that the offer price is inadequate. The letter states: "We firmly believe that the best course of action at this time is to continue to execute our strategic business plan to build value in the company. We are also concurrently examining other strategic alternatives that may create greater value." The letter adds that the board believes Gold Kist's successful execution of its long-term strategic plan will bring greater value than the current offer from Pilgrim's Pride, citing recent initiatives to expand its private label and value-added businesses and to improve operating efficiencies. Pilgrim's Pride, the second largest chicken producer in the U.S., launched its $1billion hostile takeover bid for Gold Kist in September. The original bid was due to expire on October 27, but has now been extended until November 29.