The São Paulo-based business is currently the majority owner of PPC, controlling around 82% of the company.
The renewed attempt comes four years after JBS abandoned a previous bid after failing to reach an agreement on pricing.
In a statement, the company confirmed it had made a “non-binding” proposal to the Pilgrim’s Pride board to purchase the remaining 18% of shares.
Under the proposal, JBS would offer Pilgrim’s Pride investors 2.086 JBS Class A shares for each share they own, representing $28.49 per share.
Should the deal be completed, Pilgrim’s Pride would be delisted from the Nasdaq stock exchange.
There are a number of hurdles to overcome before any deal is agreed, however, with the latest proposal subject to review by a special committee of independent directors.
Approval would also be required through a vote of a majority of unaffiliated PPC shareholders, alongside the usual customary closing conditions.
The deal would include Pilgrim’s Europe, which reported after-tax profits of £128.4 million for the 2024 financial year, a 21.1% increase on the previous year.
The regional business operates more than 40 sites across the UK, Ireland, France and the Netherlands, and owns brands including Richmond, Fridge Raiders, Denny and Galtee.
Chairman of the JBS board of directors, Jeremiah O’Callaghan said: “For over 16 years, JBS and PPC have worked together as PPC has expanded its operations, strengthened its global presence and significantly grown revenue.”
“We believe this proposal offers PPC stockholders the opportunity to continue participating in PPC’s future performance through ownership of JBS shares, with exposure to a larger and more diversified global business.”
He added: “Our long-standing relationship with PPC and familiarity with its team and operations should support continuity for employees, customers and business partners throughout the process. We look forward to engaging constructively with the special committee of PPC’s board of directors and its advisors as they evaluate the proposal.”
