Brazilian beef group JBS has made a bid to buy local indebted beef processor Independencia Group for BRL268m (US$142.8m).
The acquisition price would consist of BRL135m in JBS common shares, at a unit price of BRL7.91 per share. The balance of BRL133m would be paid in cash, the group added.
If the JBS board and Independencia’s creditors approve the deal, JBS will acquire four beef processing plants, two hide processing plants, two storage and distribution centres and all of the company’s brands.
The company emphasised that it would not take on any “financial, fiscal or labour contingencies or any other liabilities”, meaning that the offer price would be capped at BRL268m.