Pilgrim’s Pride Corporation has announced that the antitrust division of the Department of Justice (DOJ) has granted early termination of the waiting period in connection with its offer to purchase all of the outstanding shares of Gold Kist common stock for US$20 per share.
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However, Gold Kist said that the early termination of this waiting period will have no effect on its lawsuit against the rival chicken producer, which was filed in the US District Court for the Northern District of Georgia last week.
Pilgrim’s Pride commenced its offer to purchase all of the outstanding shares of Gold Kist common stock for $20 per share in cash in September and it is scheduled to expire after rejection at midnight, New York City Time, on Friday 27 October.
Gold Kist’s lawsuit alleges that Pilgrim’s Pride attempted to add nine of its own officers to the board of directors of Gold Kist prior to any possible acquisition of the company.
Pilgrim’s Pride president and chief executive officer OB Goolsby said: “We are pleased to have been granted early termination under HSR in connection with our offer to purchase Gold Kist. This is a positive step forward in our efforts to acquire Gold Kist.”
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