Pilgrim's Pride Tenders for Gold Kist
Updated from 7:57 a.m. EDT
Pilgrim's Pride
(PPC) - Get Pilgrim's Pride Corporation Report
started a $20-a-share tender offer for
Gold Kist
TheStreet Recommends
(GKIS)
.
The bid comes just a month after Pilgrim's Pride made public an offer to buy Gold Kist for the same amount. Gold Kist replied Aug. 21 by saying it was "surprised and disappointed that Pilgrim's chose to make public its unsolicited proposal at this time."
Gold Kist issued a statement Thursday afternoon urging holders to take no action. The company said it plans to review the tender offer and make a recommendation on or before Oct. 12.
The Pilgrim's Pride bid represents a 55% premium to Gold Kist's stock price the day before the August offer was unveiled, but it's below Gold Kist's recent trading prices.
Gold Kist shares recently were up 3 cents to $20.96.
