JBS, the world's largest meatpacker, submitted a proposal Tuesday to acquire the remaining shares of Pilgrim's Pride it does not already own. The Brazilian company currently holds about 82% of the poultry producer's common stock and said the deal would give minority shareholders exposure to a larger, more diversified global protein business.

Pilgrim's Pride is the second-largest U.S. chicken company and focuses primarily on poultry products. In contrast, JBS operates a sprawling portfolio that includes beef operations in Brazil and Australia, and it ranks as the second-largest pork processor in the U.S. The company also processes lamb and salmon, giving it a far broader protein footprint than its subsidiary.

If the transaction closes, shares of Pilgrim's Pride common stock would be deregistered and no longer quoted on the Nasdaq. The move would take the poultry producer private under the full control of its majority owner, consolidating one of the largest protein supply chains in the world under a single public entity.