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Shareholders approve Smithfield sale to Shuanghui
Posted Sept. 25, 2013
Smithfield Foods announced yesterday that company shareholders voted overwhelmingly to approve the proposed strategic combination with Shuanghui International Holdings, Limited.
At a special meeting of Smithfield shareholders yesterday, more than 96 percent of the votes cast were voted in favor of the transaction, which represents approximately 76 percent of Smithfield's total outstanding shares of common stock as of the record date for the special meeting.
"We are pleased with the outcome of today's vote and thank all of our shareholders for their support," said C. Larry Pope, Smithfield president and chief executive officer. "This is a great transaction for all Smithfield stakeholders, as well as for American farmers and U.S. agriculture. The partnership is all about growth, and about doing more business at home and abroad. It will remain business as usual — only better — at Smithfield, and we look forward to embarking on this new chapter."
Under the terms of the agreement Smithfield shareholders will receive $34 per share in cash for each share of Smithfield common stock that they own. Upon closing of the transaction, Smithfield's common stock will cease to be publicly traded and the company will be a wholly-owned subsidiary of Shuanghui International Holdings Limited, operating as Smithfield Foods.
Subject to customary closing conditions, the deal was expected to be finalized by tomorrow.
Smithfield Foods is a $13 billion global food company and the world's largest pork processor and hog producer.
Shuanghui International Holdings, Ltd., is a Hong Kong-based, privately held company that owns a variety of businesses that include food and logistics.
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