USA: Smithfield Foods in talks to buy out holding company Smithfield Cos
Major hog producer Smithfield Foods is currently in talks to buy out holding company Smithfield Cos , after the two companies signed an exclusivity agreement that gives them 20 days to negotiate a potential transaction. According to an amendment of Schedule 13D, which was filed with the Securities and Exchange Commission (SEC) yesterday, Smithfield Foods could complete the buyout for US$8.5 per share in cash. This values each share at US$1.5 above their current over-the-counter trading value. The company stressed however that there are no guarantees a transaction would be completed at that price, which values the offer at US$143m.
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