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Source: Chris Scott, MEATINGPLACE, 8/20/2013
Smithfield’s board is recommending that shareholders vote to approve the proposed merger at the special meeting in Richmond, Va., which will provide $34 for each common share. The company expects the transaction to close in the second half of 2013 once regulatory and other related issues are settled.
Shareholders of Smithfield Foods Inc. are scheduled to vote Sept. 24 on the proposed acquisition of the Smithfield, Va.-based processor by Shuanghui International Holdings Ltd. of Hong Kong.
The $7.1-billion transaction still faces a review by the Congressional Committee on Foreign Investment in the United States (CIFUS) and other approval regarding foreign mergers in addition to challenges from several Smithfield shareholders, including New York-based hedge fund Starboard Value LP.
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