USA: Smithfield Foods to acquire Packerland
Smithfield Foods, Inc. (NYSE: SFD) Friday (7 September) announced an agreement in principle to acquire Packerland Holdings, Inc., the fifth largest beef processor in the United States, for $250 million. Terms of the agreement call for Smithfield Foods to acquire 100 percent of the outstanding capital shares of Packerland in exchange for approximately 3.2 million shares of Smithfield common stock and the assumption of approximately $118 million in debt and other liabilities. Based in Green Bay, Wisconsin, Packerland is privately held by management and an outside investor.
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