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Smithfield/Shuanghui deal passing regulatory hurdles
Story Date: 7/15/2013
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Source: Rita Jane Gabbett, MEATINGPLACE, 7/12/13
Smithfield Foods announced that the required waiting period has expired under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the company's previously announced transaction with Shuanghui International.
The deal has also received foreign antitrust or anti-competition approvals in Mexico and Poland. Smithfield expects the transaction to close in the second half of 2013.
On May 29, Smithfield entered into a definitive merger agreement with Shuanghui International under which Smithfield shareholders will receive $34 per share in cash. Shuanghui would also assume Smithfield’s debt.
The transaction remains subject to certain conditions, including, among others, approval by Smithfield's shareholders, the receipt of approval under certain specified other foreign merger clearance laws, review by The Committee on Foreign Investment in the United States (CFIUS) and other customary closing conditions.
Senate Agriculture Committee Chairwoman Debbie Stabenow (D-Mich.) asked the CFIUS to add USDA and Food and Drug Administration officials to the review process, but the CFIUS was noncommittal in its response.
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