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Gold Kist (GKIS Quote) rejected a buyout offer from fellow chicken producer Pilgrim's Pride (PPC Quote), calling the $20-a-share bid inadequate.
Gold Kist said the bid doesn't reflect the stand-alone value of the company, and it's exploring strategic alternatives that may lead to valuations greater than $20 a share. The company also said Pilgrim's Pride is subject to numerous conditions that make it uncertain a deal could be completed.
Pilgrim's Pride launched its unsolicited bid in late August. At the time Gold Kist expressed disappointment that Pilgrim's went public with the offer but said it would evaluate the bid, which was valued at about $1 billion. ...
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