Gold Kist stockholders tender shares, offer extended
Pilgrim's Pride reports that Gold Kist shareholders
have shown â€œoverwhelming supportâ€ for the company's tender offer, with around 67
percent of shares being tendered in favour of the proposed
as of the offer's closing date of 29 November, a total of 34,219,233 shares of
common stock, or approximately
67 percent of Gold Kist's outstanding shares, have been tendered and not
Pilgrim's Pride also reported that it has further extended the tender offer
until 27 December 2006.
"We are very pleased that such a significant majority of outstanding Gold
Kist shares have been tendered into our premium offer," said O B Goolsby Jr,
Pilgrim's Pride president and chief executive officer.
"We believe this strong response is a clear indication that Gold Kist
stockholders recognise the compelling value of our offer and want Gold Kist's
board of directors to waive its takeover defenses, including its poison pill, so
stockholders can receive their money as soon as possible."
In a statement, Pilgrim's Pride said it â€œexpected the Gold Kist directors
to listen to the owners of the company and work with Pilgrim's Pride to complete
this transaction quickly.â€
The day before the tender offer was due to expire, Gold Kist reiterated its
strong advice to shareholders against tendering their stock, in the belief that
the offer is inadequate.
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