Cagle's Inc., one of the top 20 chicken integrators and one of the five top publicly held chicken companies, has received an proposal from the Cagle family and an entity controlled by the family to acquire all stock in the company that is not owned by the family to take the company private. The proposal, which was announced Monday, states that the Cagle group would pay $9 per share for the stock, representing a 21.6% premium to the company's closing price last Friday, according to the announcement. The Cagle group currently holds 64% of the company's stock.
The company said its board of directors has appointed a special committee of its independent directors to review the proposed transaction and other alternatives on behalf of the company's minority shareholders. The company said no assurance can be given that any transaction will take place on these or any terms. Cagle's, Inc. is engaged in the production and processing of fresh and frozen chicken products and trades on the American Stock Exchange under the symbol CGLA.