Pilgrim's Pride Corporation (PPC) announced that it has extended its tender offer to purchase all of the outstanding shares of Gold Kist Inc.
The offer of about $20.00 per share in cash and withdrawal rights, which were scheduled to expire at midnight on 27 October, 2006, have been extended until 29 November 2006.
By that time, about 16.84 million shares, or 33% of Gold Kist's outstanding shares, had been tendered.
PPC is the second-largest chicken producer in the United States and Mexico employing approximately 40,000 people.
Meanwhile PPC said it will reduce weekly chicken processing by 5% year over year, or approximately 1.3 million head per week, by January 2007 as part of its continuing effort to better balance supply and demand amid declining chicken prices and sharply higher costs for corn. The reduction will begin with eggs set as of 30 October, 2006, and will take effect with weekly processing beginning January 1, 2007.
Source: Pilgrim's Pride Corporation