Gold Kist (GKIS) Agrees to $21 Offer from Pilgrim's Pride (PPC)
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Pilgrim's Pride Corporation (NYSE: PPC) and Gold Kist Inc. (Nasdaq: GKIS) announced that the two companies have entered into a definitive merger agreement under which Pilgrim's Pride will acquire all of the outstanding shares of Gold Kist common stock for $21.00 per share in cash.
The transaction, which was unanimously approved by the boards of directors of both Pilgrim's Pride and Gold Kist, has a total equity value of approximately $1.1 billion, plus the assumption of approximately $144 million of Gold Kist's debt.
The $21 offer tops a $20-a share offer Pilgrim's Pride last offered Gold Kist.
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