Key Developments: Pilgrims Pride Corp (PPC.O)
11.84USD
23 May 2013
$0.06 (+0.51%)
$11.78
$11.66
$11.86
$11.19
844,321
895,758
$12.21
$4.20
Latest Key Developments (Source: Significant Developments)
Pilgrim's Pride Corp Announces Voluntarily Listing From New York Stock Exchange To Nasdaq Global Select Market
Pilgrim's Pride Corp announced that it will voluntarily transfer its stock exchange listing from the New York Stock Exchange to the Nasdaq Global Select Market, an exchange of The NASDAQ OMX Group Inc. The Company currently expects that its common stock will commence trading on the NASDAQ on December 28, 2012 and will continue to be listed under the ticker symbol "PPC." Full Article
Cal-Maine Foods Inc Closes Acquisition of Egg Production Assets of Pilgrim's Pride Corp
Cal-Maine Foods Inc announced that it has closed the previously announced acquisition of the commercial egg assets of Pilgrim's Pride Corp. The assets purchased by Cal-Maine Foods include two production complexes with capacity for approximately 1.4 million laying hens located near Pittsburg, Texas. Full Article
Cal-Maine Foods, Inc. Announces Agreement To Acquire Egg Production Assets Of Pilgrim’s Pride Corporation
Cal-Maine Foods, Inc. announced that the Company has reached an agreement to acquire the commercial egg operations of Pilgrim’s Pride Corporation. The assets to be purchased by Cal-Maine Foods include two production complexes with capacity for approximately 1.4 million laying hens and adjacent land located near Pittsburg, Texas. The Company expects to close the transaction in August 2012. Financial terms were not disclosed. Full Article
JBS SA Acquires Stake in Pilgrim's Pride Corporation
JBS SA announced that, on March 12, 2012 it acquired, through its subsidiary JBS USA Holdings Inc 18,924,438 shares of Pilgrim's Pride Corporation (PPC) which were owned by Lonnie Bo Pilgrim for the price of USD 107.2 million. After the transaction, the Company increased its holding in PPC from a stake of 68% to a stake of 75.3% in its share capital. Full Article
Pilgrim's Pride Corporation Announces Finalization Of Rights Offering Allocation
Pilgrim's Pride Corporation announced that the calculations for the allocation of the shares in its previously announced rights offering has been completed. The Company will issue a total of 44,444,444 shares of the Company's common stock to stockholders that exercised their basic and over-subscription rights. In connection with the rights offering, Pilgrim's majority stockholder, JBS USA Holdings, Inc. exercised its basic and over-subscription rights in full, with their resulting ownership interest totaling 68.0% at the conclusion of the offering. Pilgrim's will receive $200 million of gross proceeds in connection with the offering, which will be used to improve the Company's capital position and to fund general operating requirements. Full Article
Pilgrim's Pride Corporation Announces Terms For Rights Offering To Stockholders
Pilgrim's Pride Corporation announced that it has set the terms for its previously announced rights offering. Under the terms of the rights offering, Pilgrim's Pride will distribute, at no charge, to the holders of its common stock as of 5:00 p.m., New York City time, on January 17, 2012, one non-transferable subscription right for each share of Pilgrim's Pride common stock then owned. Each subscription right will entitle the holder to purchase 0.2072 shares of common stock at a purchase price of $4.50 per share. Pilgrim's Pride will not issue fractional shares. The rights offering also includes an over-subscription privilege, which entitles a stockholder who exercises all of its basic subscription privilege in full the right to purchase additional shares of common stock that remain unsubscribed at the expiration of the rights offering. Pilgrim's Pride's majority stockholder, JBS USA Holdings, Inc., has committed to participate in the rights offering and exercise the basic subscription and over-subscription privilege in full and has executed an agreement reflecting its commitment. Pilgrim's Pride expects the gross proceeds of the offering to be approximately $200 million. Pilgrim's Pride also announced that the mailing of offering materials to stockholders is expected to begin by 5:00 p.m., New York City time, January 19, 2012 and that the subscription period will expire at 5:00 p.m., New York City time, on February 17, 2012. Full Article
Pilgrim's Pride Corporation Announces Proposed Rights Offering
Pilgrim's Pride Corporation announced that, in line with its strategic intent of strengthening its capital structure, it plans to commence a rights offering for up to approximately 44.44 million shares of common stock to its stockholders. Under the expected rights offering, each stockholder of record would receive, at no charge, non-transferable rights to purchase shares of Pilgrim's Pride common stock at a subscription price of $4.50 per share, representing a 5% discount on the last 60 trading days' weighted average, for aggregate gross proceeds to the Company of $200 million. Stockholders will be able to purchase their respective pro rata portions of the shares offered based on their ownership as of the record date for the rights offering. Full Article
Pilgrim's Pride Corporation To Close Dallas Processing Facility by Late September
Pilgrim's Pride Corporation announced plans to close its chicken-processing plant in Dallas, Texas, within 60 days as part of its continuing effort to reduce costs and operate more efficiently. The Dallas plant is scheduled to close by September 30, 2011. Production from the Dallas plant will be consolidated into several other Pilgrim's facilities in the region, including the processing and prepared-foods plants in Mt. Pleasant, Texas, thus improving their capacity utilization. Other live production operations in Northeast Texas will continue to function. Pilgrim's contract growers who supply birds to the Dallas plant will begin supplying the other company plants following the consolidation. There will be no disruption in supply of product to Pilgrim's customers. Approximately 1,000 hourly and salaried employees who work at the Dallas facility will be affected by the plant closing. Pilgrim's Pride expects to be able to offer positions at other facilities to interested employees. The company will provide transition programs to employees who are not retained in order to assist them in securing new employment, filing for unemployment and obtaining other applicable benefits. Full Article
Pilgrim's Pride Corporation Expands Voluntary Recall on Ready-to-Eat Chicken Products Due to Potential Listeria Contamination
Pilgrim's Pride Corporation announced it is expanding last week's voluntary recall of ready-to-eat chicken products due to potential contamination from Listeria Monocytogenes. The expanded recall involves approximately 7,072 pounds of Pilgrim's Pride Brand Fully Cooked Chicken Breast Nuggets that were shipped to 57 Dollar General stores in the following states: West Virginia, Tennessee, Virginia, Ohio, Kentucky, Indiana, Georgia, Florida and Alabama. The recalled product was sold in two-pound bags and carries the best-by date of June 2, 2012 and UPC number 77013 16224. It was produced in the Pilgrim's plant in Mt. Pleasant, Texas. Pilgrim's is working closely with Dollar General to locate all of the recalled product. Full Article
Pilgrim's Pride Corporation Announces Voluntary Recall on Ready-to-Eat Chicken Products Due to Potential Listeria Contamination
Pilgrim's Pride Corporation announced it is voluntarily recalling two products from foodservice distributors due to potential contamination from Listeria Monocytogenes. Neither of the products were shipped directly to grocery stores. The first product being recalled is 390 pounds of Fully Cooked Grilled Chicken Breast Fillets with Rib Meat distributed through a foodservice distribution center in Columbus, OH, in 30-pound cases. All but five cases (150 pounds) of the product has been located and all of the restaurants that received the product have been contacted. It carries the item code 4250, a code date of 1180 and a use-by date of December 26, 2011. The recalled item was produced in the Pilgrim's plant in Waco, Texas. The recall also involves approximately 10,850 pounds of Sweet Georgia Brand Fully Cooked Breaded White Chicken Nuggets Shaped Patties from foodservice distributors in Long Valley, NJ; El Paso, Texas, and San Antonio, Texas, in 10-pound cases. The recalled product carries the item code 93804 and a code date of 1147. It was produced in the Pilgrim's plant in Mt. Pleasant, Texas. Pilgrim's has contacted all of the distribution centers that received the recalled product. Full Article
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