Offer inadequate, let's stick with our plan: Gold Kist
Gold Kist board members have unanimously determined
that the unsolicited offer made by Pilgrim's Pride is inadequate, and have
reiterated their commitment to the company's strategic plan in a letter to
In the letter, John Bekkers, president and chief executive officer of Gold Kist
, and A D Frazier
Jr, chairman of Gold Kist, said executing the company's own strategic plan will
bring more value to shareholders than the current offer from Pilgrim's Pride
"Your board is committed to fulfilling its duties to you as stockholders
and is always committed to maximizing stockholder value," Gold Kist said in the
letter. "We firmly believe that the best course of action at this time is to
continue to execute our strategic business plan to build value in the
The letter detailed the plans in place to increase stockholder value,
including the expansion of value-added products, opening of plant expansions,
increase in innovation and chicken exportation.
"Gold Kist's recent initiatives to expand our private label and value-added
businesses and to improve operating efficiencies, among many other aspects of
our long-term strategy, are a testimony to our determination to grow the
business and the value of your company," Gold Kist said.
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