JBS SA, the parent company of JBS USA and majority shareholder of Pilgrim’s Pride, has proposed purchasing the remaining shares of the poultry processor in order to delist it. The Brazilian processor said in  securities filing that its Board of Directors has approved a letter to be sent to Pilgrim's Pride to acquire the remaining shares in circulation for $26.50 per share, reports Reuters.

JBS SA had acquired a majority share of Pilgrim’s Pride in 2009 and presently owns 80.21% of the shares through subsidiaries. The proposed acquisition would have to be approved by a Pilgrim’s Pride board committee and a majority of voting shares in the company.

Source: Reuters via Yahoo News