BRF (BRFS) has agreed to be fully acquired by Marfrig, the two Brazilian meat and poultry companies said in a disclosure Thursday.

Marfrig already owns 50.5% of BRF and is also planning to list its shares in the US, Reuters reported.

Under the proposed deal, BRF shareholders would receive 0.8521 shares of Marfrig for each BRF share they own, the disclosure said.

BRF shares were down more than 11% in premarket activity Friday.