USA; Smithfield Foods adopts new shareholder rights plan
The Board of Directors of Smithfield Foods, Inc. (NYSE: SFD) yesterday adopted a new Shareholder Rights Plan, which replaces a similar plan that expires on May 31, 2001. The Plan is not being adopted in response to any specific effort to acquire control of the company. If a person or group acquires beneficial ownership of 15 percent or more of the common stock outstanding, each right distributed under the Plan will entitle its holder (other than such person or group) to purchase, at the Right's then current exercise price, a number of shares of the company's common stock having a market value of twice such price.
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