Why Pilgrim's Pride Stock Tanked 12% at the Open Today
Shares of Pilgrim's Pride (NASDAQ: PPC), a meat producer with a focus on poultry, fell sharply at the start of trading on Feb. 18. It's a bit of a long-running story, however it looks like the tale has reached its end. Investors weren't pleased with the news.
In August 2021 international meat giant JBS S.A. made an offer to buy Pilgrim's Pride's outstanding shares for $26.50 each. JBS already owned roughly 80% of the stock, so it was basically an effort to simplify its business by pulling Pilgrim's Pride off of the market as its own stand-alone entity. The board of Pilgrim's Pride decided that the offer wasn't good enough. JBS eventually came back with an offer of $28.50, which was again rejected by Pilgrim's Pride's board.
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Source Fool.com
