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Pilgrim's Pride Receives Early Antitrust Clearance From Federal Trade Commission and Department of Justice for Stock Purchase Agreement With JBS

PITTSBURG, Texas, Oct. 14 /PRNewswire-FirstCall/ -- Pilgrim's Pride Corporation (Pink Sheets: PGPDQ) today announced that it has received early antitrust clearance from the Federal Trade Commission and Department of Justice for the company's previously announced stock purchase agreement with JBS USA Holdings, Inc. (JBS U.S.A.), a subsidiary of JBS S.A.

Last month, Pilgrim's Pride and six of its subsidiaries (the Debtors) filed a joint plan of reorganization and related disclosure statement with the U.S. Bankruptcy Court for the Northern District of Texas. Under the terms of the joint plan of reorganization, Pilgrim's Pride has entered into an agreement to sell 64% of the new common stock of the reorganized Pilgrim's Pride to JBS U.S.A. for $800 million in cash.

Pilgrim's Pride said that it anticipates the plan to be confirmed by the Bankruptcy Court in time for the Debtors to emerge from bankruptcy before the end of December.

Information about Pilgrim's Pride's restructuring is available at Pilgrim's Pride's website www.pilgrimspride.com or via Pilgrim's Pride's restructuring information line at (888) 830-4659.

As previously announced, the Debtors filed voluntary Chapter 11 petitions on December 1, 2008. The Chapter 11 cases are being jointly administered under case number 08-45664. The company's operations in Mexico and certain operations in the United States were not included in the filing and continue to operate as usual outside of the Chapter 11 process.

About Pilgrim's Pride

Pilgrim's Pride Corporation employs approximately 41,000 people and operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico. The company's primary distribution is through retailers and foodservice distributors. For more information, please visit http://www.pilgrimspride.com.

Media Contact: Ray Atkinson, Pilgrim's Pride
Ray.atkinson@pilgrimspride.com
(903) 434-1811
Investor Contact: Gary Rhodes, idsrc="xmltag.org">Pilgrim's Pride
(903) 434-1495

SOURCE Pilgrim's Pride Corporation

Media, Ray Atkinson, +1-903-434-1811, Ray.atkinson@pilgrimspride.com, or Investors, Gary Rhodes, +1-903-434-1495, both of Pilgrim's Pride

Safe Harbor Statement:

Statements contained in this webcast that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim's Pride Corporation and its management, including as to business strategy, growth strategy and expected benefits of the acquisition of Gold Kist, are forward-looking statements. It is important to note that the actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: matters affecting the poultry industry generally, including fluctuations in the commodity prices of feed ingredients, chicken and turkey; additional outbreaks of avian influenza or other diseases, either in our own flocks or elsewhere, affecting our ability to conduct our operations and/or demand for our poultry products; contamination of our products, which has in the past and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; changes in laws or regulations affecting our operations or the application thereof; competitive factors and pricing pressures or the loss of one or more of our largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; management of our cash resources, particularly in light of our leverage, and restrictions imposed by and as a result of, our leverage; inability to effectively integrate Gold Kist's business or realize the associated cost savings and operating synergies currently anticipated; and the impact of uncertainties of litigation as well as other risks described under "Risk Factors" in our Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Pilgrim's Pride Corporation undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. This webcast does not constitute an offer to purchase any securities, nor a solicitation of a proxy, consent, authorization or agent designation with respect to a meeting of Company's stockholders.