Pilgrim's Pride Corporation (NASDAQ: PPC) priced an offering of €500 million in aggregate principal amount of senior notes. The deal involves Pilgrim's Europe Finance PLC, a wholly owned subsidiary.

The notes carry a coupon rate of 4.750% and are due in 2034. Closing is expected on September 23, 2026, subject to customary conditions.

Use of Proceeds

The issuers intend to use net proceeds for general corporate purposes. A primary use is funding consideration for the recently announced acquisition of Walkers Deli & Sausage Company. The offering is not conditioned on the closing of that acquisition.

Offering Structure

The notes have not been registered under the Securities Act of 1933. They may not be offered or sold in the United States absent registration or an applicable exemption. The offering targets qualified institutional buyers pursuant to Rule 144A and certain non-U.S. persons in accordance with Regulation S.

Company Profile

Pilgrim's Pride employs approximately 63,000 people. It operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K., the Republic of Ireland and continental Europe. Primary distribution channels include retailers and foodservice distributors.

Pilgrim's Pride Corporation (NASDAQ: PPC) confirmed on August 18, 2026, that its board of directors received an unsolicited proposal from majority stockholder JBS N.V. to acquire all outstanding shares of common stock not already owned by JBS or its subsidiaries. The board announced it will form a special committee to review and evaluate the proposal.

The proposed transaction involves JBS acquiring the remaining shares for a fixed exchange ratio of 2.086 JBS Class A common shares for each Pilgrim's Pride share. This valuation is based on the closing share prices of JBS and Pilgrim's Pride on August 18, 2026, which were $13.66 and $28.49, respectively.

Transaction Details

JBS currently owns approximately 82% of Pilgrim's Pride common stock. If consummated, this deal would consolidate full ownership of the poultry processor. However, Pilgrim's Pride stated there is no assurance that the proposal will result in the consummation of the transaction contemplated by the proposal or any other transaction.

Legal Investigation Context

Halper Sadeh LLC has launched an investigation into the proposed sale, examining whether the transaction terms provide fair value to shareholders and if the process leading to the deal was adequate. The law firm is specifically looking into two primary concerns regarding the deal structure:

• Whether insiders stand to receive substantial financial benefits not available to ordinary shareholders.
• Whether the proposed transaction contains terms that could limit superior competing offers from other potential buyers.

The firm asserts that these factors may indicate the consideration offered undervalues Pilgrim's Pride. On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures, or other relief and benefits.

What the Numbers Show

The concentration of ownership is a critical data point in this investigation. With JBS already holding 82% of Pilgrim's Pride common stock, the remaining 18% held by public shareholders faces a liquidity and valuation constraint. The fixed exchange ratio of 2.086 JBS shares per PPC share removes any market-driven price discovery mechanism for the minority stake, placing the entire valuation burden on the fairness of this specific ratio relative to JBS's own market value.

Shareholder Action

Halper Sadeh LLC encourages Pilgrim's Pride shareholders to contact the firm to discuss their rights and options at no cost or obligation. The firm handles matters on a contingent fee basis, meaning shareholders would not be responsible for out-of-pocket payment of legal fees or expenses.

Shareholders can reach Daniel Sadeh or Zachary Halper at (212) 763-0060 or via email at sadeh@halpersadeh.com or zhalper@halpersadeh.com .