By Denny Jacob

Pilgrim's Pride Corp. shares fell nearly 15% to $23.78 after Brazilian meatpacking giant JBS SA said it scrapped plans to buy the rest of the U.S. chicken processor.

JBS, which already owns about 80% of Pilgrim's, said in a securities filing Thursday that it was unable to reach an agreement with the Colorado-based company. Pilgrim's rejected two offers, one at $26.50 a share and another at $28.50 a share, saying the board believed the purchase price didn't fully value the company.

Stephens & Co. raised Pilgrim's to overweight from equal-weight and announced a price target of $35 a share.

Shares of Pilgrim's Pride closed at $27.83 Thursday and are up 24% over the last 12 months.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

February 18, 2022 13:05 ET (18:05 GMT)

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