The Colorado-based pork and beef processor Swift & Company has engaged JPMorgan to assist it in what is has called a “review of strategic and financial alternatives”, in the light of takeover approaches.
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Swift said that the review had been initiated following “a series of unsolicited enquiries over the past six months from a variety of strategic and financial third parties, as well as currently robust capital market conditions”.
In the review process the Swift board said it would consider the full range of possible alternatives, including a possible sale, merger, strategic partnerships, refinancing and/or public equity offering.
However, the board stressed that no decision had been made to pursue any particular alternative and it was also possible that in the end none of these courses of action would be followed. The company, which is the world’s second-largest beef and pork processor with turnover in excess of US$9bn, also said it would now not be commenting publicly on the matter until the review had been completed.
“Swift is an excellent company with very significant value, growth and earnings potential,” said Edward Herring, a director at Swift and a partner in its largest shareholder HM Capital. “As such, we will not pursue any transaction that does not fully reflect and realise the value of Swift.”
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By GlobalDataHerring said that HM Capital and its investment partner Booth Creek both believed that Swift president and CEO Sam Rovit and his management team had “done a great job of leading the company through some challenging times and positioning it for long-term strength and success”.
