--Pilgrim's Pride changing stock listing to Nasdaq from NYSE
--Switch comes amid year-end contest for listings between the
exchange
--Pilgrim's Pride to pay lower listing fees on Nasdaq,
representative says
(Updates throughout with details on listing battle and comments
from Pilgrim's Pride representative.)
By Matt Jarzemsky and Tess Stynes
Pilgrim's Pride Corp. (PPC) said Monday it will transfer its
stock listing to the Nasdaq Stock Market from the New York Stock
Exchange, the latest win for Nasdaq OMX Group Inc. (NDAQ) in the
exchanges' battle for listings.
Nasdaq has recently narrowed the NYSE's lead in this year's
poaching of listings between the rivals. Goodyear Tire & Rubber
Co. (GT) and chip designer LSI Corp. (LSI) announced plans to move
to the Nasdaq earlier this month. The end of the year typically
sees a spate of such deals, because annual listing fees are
typically paid at the start of a new year.
Pilgrim's Pride is set to begin trading on Nasdaq on Dec. 28,
the poultry processor said in a statement Monday. The company will
retain its current ticker symbol, "PPC."
Pilgrim's Pride is making the change because it will pay lower
listing fees at Nasdaq, said Rosemary Geelan, an investor-relations
representative for the company.
The Greeley, Colo.-based company has received discounts at the
Big Board because of NYSE rules that limit listing fees for
companies within three years of emerging from bankruptcy
protection, Ms. Geelan said. Pilgrim's Pride exited from bankruptcy
protection in late 2009 and was poised to see its listing costs
rise as its eligibility for the discounts ran out, she said.
Pilgrim's Pride is also set to receive subsidized rates on
corporate services offered by Nasdaq OMX Group Inc. (NDAQ), said
Ms. Geelan. Pilgrim's Pride uses offerings such as Nasdaq OMX's
Globe Newswire, which distributes press releases, she said.
A NYSE spokeswoman declined to comment on efforts to retain
Pilgrim's Pride. A Nasdaq representatives wasn't immediately
available to give details on the terms of the listing deal.
NYSE Euronext (NYX), the parent of the Big Board, has seen 16
companies announce plans to switch stock listings to the NYSE or
its NYSE MKT exchange from the Nasdaq this year.
Counting Pilgrim's Pride, seven companies have announced plans
to switch to Nasdaq in 2012. Additionally, Texas Instruments' made
the transfer this year after announcing plans to do so in 2011.
Nasdaq has also drawn the listings for five funds from its
rival.
NYSE Euronext share rose 17 cents, or 0.7%, to $23.63 in
midafternoon trading Monday. Nasdaq OMX was up 40 cents, or 1.7%,
at $24.60.
Pilgrim's Pride's shares were up 16 cents, or 2.2% at $7.32 in
recent trading. The stock is up 29% this year.
Write to Tess Stynes at Tess.Stynes@dowjones.com
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