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Acquisition of National Beef by JBS Terminated

Deal falls through for purchase of packing company.

The deal that would have JBS S.A. acquiring the National Beef Packing Company from U.S. Premium Beef has been terminated effective Feb. 23, 2009.

"Although this is not the outcome we anticipated, we are excited to continue the growth and success of our business on a stand-alone basis," said Steve Hunt, Chief Executive Officer of USPB. "As demonstrated by our fiscal year 2008 and first quarter 2009 financial results, National Beef's value added business model, rooted in strong relationships with cattle producers and beef customers, continues to generate industry-leading profits."
Recently the U.S. Department of Justice and JBS had been negotiating the possible sale of certain National Beef assets to allow the deal to move forward. As it stood, the deal would have made JBS the largest beef packer in the U.S. and the world.

"This development has re-energized our management team," said John Miller, CEO of National Beef. "With our strong liquidity position and numerous opportunities to grow our business – both internally and externally – we are eagerly looking forward to building on our value-added model while continuing to focus on serving the needs of our customers."

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