Pilgrim's Pride rejected the bid because it was too low, according to El Dorado Mayor Mike Dumas, although the bid amount was kept confidential. However, El Dorado Poultry, the company who made the bid, has not given up on buying the plant despite the rejection.
Judge Michael Lynn, of the U.S. Bankruptcy Court in the Northern District of Texas, ordered Pilgrim's Pride to offer the plants for sale through a bid process after the company filed for Chapter 11 bankruptcy, despite the company's intention to keep the plants.
Upon learning of the rejected bid, the judge suggested going back to mediation with the companies interested in the plant.
"We will keep working with our potential investors toward this deal," said Matt DeCample, spokesman for Gov. Mike Beebe.