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Pilgrim's Pride Agrees to Purchase US Chicken Products Firm GNP for USD 350m.

M2 EQUITYBITES-December 1, 2016-Pilgrim's Pride Agrees to Purchase US Chicken Products Firm GNP for USD 350m

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1 December 2016 - Colorado-based chicken products distributor Pilgrim's Pride Corp. (NASDAQ: PPC) has agreed to acquire St. Cloud, Minnesota-based premium branded chicken products provider GNP Company in an all cash USD 350m transaction, the company said.

The proposal has the unanimous support of the Pilgrim's board of directors, as well as the support of JBS S.A., the majority owner of Pilgrim's.

It is anticipated that the proposed transaction would close during 1Q17, subject to regulatory review and approval and customary closing conditions.

GNP provides products in the Upper Midwest, with production facilities in Cold Spring and Luverne, Minnesota, and Arcadia, Wisconsin, approximately 400 family farm partners and more than 1,700 team members. GNP's products are distributed in nearly all 50 states.

The company produces, processes, and distributes branded and custom chicken products in the United States. GNP was founded in 1926.

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Publication:M2 EquityBites (EQB)
Date:Dec 1, 2016
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