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Pilgrim's Pride Completes Acquisition of Gold Kist

by 5m Editor
11 January 2007, at 1:14pm

US - Pilgrim's Pride Corporation today announced the completion of its acquisition of Gold Kist Inc. (Nasdaq: GKIS), following its recently completed successful tender offer, which created the world's leading chicken company.

"We are extremely pleased that the final step in our successful acquisition of Gold Kist has now been completed," said Lonnie "Bo" Pilgrim, chairman of Pilgrim's Pride. "We begin 2007 as the preeminent player in the chicken industry, positioned for long-term growth, leadership and value creation for our customers and stockholders."

O.B. Goolsby, Jr., Pilgrim's Pride president and chief executive officer, added, "We believe the acquisition of Gold Kist will be a transforming event for Pilgrim's Pride, not only by creating the industry leader but by making us a stronger and even more efficient company. This acquisition will further enhance our long-standing reputation for providing outstanding customer service and product innovation, delivering greater value to our stockholders, employees and other constituencies. The integration process is already well under way and we are committed to ensuring a smooth transition of ownership and integration for our customers."

As a result of the transaction, Gold Kist is now a wholly owned subsidiary of Pilgrim's Pride. All remaining outstanding shares of Gold Kist have been converted into the right to receive $21.00 per share in cash.

ThePoultrySite News Desk

5m Editor