Gold Kist Reiterates to Stockholders Not to Tender Shares at $20

US - Gold Kist Inc. (NASDAQ: GKIS) today strongly recommended that stockholders not tender into Pilgrim’s Pride Corporation’s (NYSE: PPC) unsolicited tender offer and issued the following statement.
calendar icon 30 November 2006
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“We firmly believe that Pilgrim’s $20-a-share offer does not reflect the full strategic value of Gold Kist and is not in the best interest of our stockholders. As we have said consistently, our Board of Directors is committed to maximizing stockholder value, and we are willing to pursue a transaction with Pilgrim’s or any other strategic alternative that is in the best interest of our stockholders.

We are grateful for the continued support of our stockholders and we remain committed to maximizing the Company’s value on their behalf.”

Merrill Lynch & Co. and Gleacher Partners LLC are serving as financial advisors to Gold Kist. Alston & Bird LLP and Richards, Layton & Finger P.A. are serving as outside legal counsel to Gold Kist.

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