Shareholders of Premium Standard Farms have approved the merger agreement with Smithfield Foods, a deal which will see PSF becoming a wholly-owned subsidiary of Smithfield.
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Each outstanding share of PSF common stock will now be converted into the right to receive 0.678 of a share of Smithfield common stock and US$1.25 in cash.
Smithfield, the leading processor and marketer of fresh pork and processed meats in the US, and PSF, which is the country’s second largest pork producer, announced their intention to merge in September 2006.
Completion of the merger remains subject to all other closing conditions, including the receipt of governmental approvals.
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