Poultry group Pilgrim's Pride Corporation has announced that a total of 47,149,479 shares in Gold Kist, representing approximately 92% of the company's outstanding common stock, had been tendered by the close of its subsequent offering period on 5 January.

The company, whose $21.00 per share takeover bid was accepted by Gold Kist in December, said that all Gold Kist shares validly tendered during the subsequent offering period have been accepted for payment.

Pilgrim's Pride said it now intends to complete the acquisition of the remaining shares of Gold Kist through a merger of the acquisition vehicle, Protein Acquisition Corporation, into Gold Kist, in which all Gold Kist shares not tendered into Pilgrim's Pride's initial tender offer or during the subsequent offering period (other than shares held in the treasury of Gold Kist or held by Pilgrim's Pride or any of its subsidiaries) will be converted into the right to receive $21.00 per share.

The takeover has a total equity value of approximately $1.1bn, plus the assumption or refinancing of approximately $144m of Gold Kist's debt. It will create the world's leading chicken company in terms of production and the third-largest US meat protein company by revenues.