On September 24, Smithfield Foods, Inc. announced that the company’s shareholders voted to approve the sale of the company to the Chinese company Shuanghui International Holdings Limited.
Smithfield shareholders held a special meeting September 24 for the vote. Shareholders were largely in favor of the sale with 96% of votes cast for the transaction. These votes account for approximately 76% of Smithfield’s total outstanding shares of common stock as of the date of the vote.
Smithfield Foods is currently publicly traded on the New York Stock Exchange. Under the terms of the agreement, Smithfield shareholders will receive $34 per share in cash for each share of common stock held, and the company will cease to be publicly traded and be a wholly-owned subsidiary of Shuanghui International Holdings Limited, operating as Smithfield Foods. The combination is expected to be completed by September 26, 2013.
For more information, see the Smithfield Foods official press release. Visit Smithfield Food’s website and Shuanghui International Holdings Limited’s website for more information on the companies involved.
Written by Alyssa Looney – Research Assistant
The Agricultural Law Resource and Reference Center
September 25, 2013