PITTSBURG, Texas -- Pilgrim's Pride Corporation today issued an open letter to the stockholders of Gold Kist Inc., urging them to tender their shares to Pilgrim's Pride in spite of opposition by the Gold Kist board.



The letter begins:



"Dear Gold Kist Stockholder:



"As we said on Oct. 12, 2006, we are disappointed in the Gold Kist board's recommendation, which has failed to recognize both the value our offer affords Gold Kist's stockholders and the unique opportunity it presents to employees and contract growers. Our offer to acquire all of the outstanding shares of Gold Kist Inc. at $20 per share in cash expires at midnight, New York City Time, Oct. 27, 2006, unless extended.



"Since before going public with our offer on Aug. 18, 2006, Pilgrim's Pride has made it clear that we would prefer to work together with Gold Kist and its board to negotiate a mutually beneficial agreement for both companies' respective stockholders, employees, business partners and other stakeholders. However, the Gold Kist board's unwillingness to hold any meaningful discussions with us, as well as other actions on its part, have convinced us that it does not share the same goal."



The letter said that Pilgrim Pride believes there are mischaracterizations in Gold Kist's 14D-9 filing on Oct. 12, 2006, and that the company would like to set the record straight.



Several points to that end are set out in the news release with full text of letter.



The letter concludes:



"It is important all Gold Kist stockholders understand our genuine attempts to negotiate a mutually beneficial transaction with the Gold Kist board. Your board's refusal to act in your best interests left us no choice but to commence our tender offer for Gold Kist shares.



"Now you have the opportunity to act in your own best interests. You can send a clear message to the Gold Kist board by voicing your support for our offer and tendering your shares.



"Our tender offer is scheduled to expire at midnight, New York City Time, on Friday, Oct. 27, 2006, unless extended. Your board of directors has rejected our offer and refused even to discuss our offer with us. It is clear that reaching an agreement quickly would be in the best interests of all stockholders and all other constituencies."



Pilgrim's Pride said it has obtained financing for the tender offer through a combination of an amendment to its existing credit facility and a commitment letter for an additional credit facility from Lehman Brothers Inc.



Baker & McKenzie LLP and Morris, Nichols, Arsht & Tunnell, LLP are acting as legal counsel and Credit Suisse, Legacy Partners Group LLC and Lehman Brothers Inc. are acting as financial advisors to Pilgrim's Pride. Innisfree M&A Inc. is acting as information agent for Pilgrim's Pride's offer.



Pilgrim's Pride Corp. is the second-largest chicken producer in the United States and Mexico and the largest chicken producer in Puerto Rico. Pilgrim's Pride employs approximately 40,000 people and has major operations in Texas, Alabama, Arkansas, Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania, Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with other facilities in Arizona, Florida, Iowa, Mississippi and Utah.



Pilgrim's Pride products are sold to foodservice, retail and frozen entree customers. The Company's primary distribution is through retailers, foodservice distributors and restaurants throughout the United States and Puerto Rico and in the Northern and Central regions of Mexico.



SOURCE: Pilgrim's Pride Corporation news release.