Pilgrim’s Pride shares jumped after JBS NV offered to acquire the remaining shares it does not own. The offer is a stock deal valued at about $1.2 billion.

JBS already owns an 82% stake in the chicken producer, according to a Tuesday statement from Bloomberg Terminal. It proposes an exchange of Pilgrim’s Pride Corp shares for JBS shares, based on the closing prices of both stocks on Tuesday.

The deal would give JBS full control of Pilgrim’s Pride, boosting its position in the poultry market. Investors are watching how the exchange ratio is set and whether the transaction will close before the end of the year.

Analysts expect the acquisition to enhance JBS’s supply chain efficiencies, but regulatory approvals and shareholder votes remain critical for the final outcome.