United States-National Beef Packers will remain private company after losing dream deal.

National Beef Packing Co will operate as an independent company now that Brazil’s company JBS SA has abandoned its attempt to buy the No. 4 U.S. beef producer, National Beef’s chairman told reporters.

"Now that we know this transaction will not close, we continue to move forward on a stand-alone basis," said Chairman Steve Hunt.

Hunt is also chief executive officer of National Beef’s parent company U.S. Premium Beef.

"We continued to operate this past year having to assume that this transaction may not be approved. Therefore, we continued to grow our business," he said.