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Smithfield Shareholders Approve Merger With Shuanghui International

Smithfield statement, team members

Smithfield Foods Inc.’s shareholders have voted overwhelmingly to approve the proposed strategic combination with Hong Kong-based Shuanghui International Holdings Ltd., according to the company.

At a special meeting of Smithfield shareholders held Tuesday, more than 96 percent of the votes cast were in favor of the transaction, which represents approximately 76 percent of Smithfield’s total outstanding shares of common stock as of the date of record for the special meeting.

“We are pleased with the outcome of (the) vote and thank all of our shareholders for their support,” said C. Larry Pope, president and CEO of Smithfield. “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 become a wholly-owned subsidiary of Shuanghui International Holdings Ltd., operating as Smithfield Foods. Subject to customary closing conditions, the company expects to complete the sale by Thursday, Sept. 26.

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