JBS plans to hold off on IPO until merger is complete
Brazilian meat processor JBS S.A. will wait until January to make an initial public offering of its U.S. unit -- Greeley-based JBS USA -- to give it time to close its acquisition of Pilgrim's Pride Corp. and complete its merger with Bertin S.A., a former Brazilian competitor.
JBS S.A. announced Sept. 16 it was acquiring 64 percent of poultry giant Pilgrim's Pride for $2.8 billion, a transaction expected to be complete in December. The company had filed a request for a $2 billion IPO with the U.S. Securities Exchange Commission in July and was expecting approval in September.
But Jerry O'Callaghan, JBS S.A.'s director of investor relations, was quoted on Meatingplace.com as saying the company decided to hold off on the IPO until the merger and acquisition matters were completed.
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