Brazil’s JBS SA, the world’s largest producer of beef and pork, said on Friday it filed a request to allow the common shareholders of dairy company Vigor Alimentos SA to sell their stock for one JBS common share each plus 1.0812573 centaovs per share.
Vigor was separated from JBS in 2012 and JBS shareholders were given the right to swap their stock for Vigor stock. The request, announced in a securities filing, will allow Vigor shareholders to swap their shares back into JBS stock.
The cash payment represents the difference in dividends paid by JBS compared with Vigor since June 21, 2012, until the date of the sale. JBS will also pay interest on the dividends equal to Brazil’s CDI overnight interest rate. (Editing by Andre Grenon)