Cal-Maine Foods, Inc. (Nasdaq:CALM) announced that at a special meeting of its Board of Directors held Monday, September 10, 2001, the Directors unanimously voted to explore the possibility of the Company becoming privately held. While no final decision has been made, a special committee of three independent directors has been appointed to investigate the feasibility of such action and to ensure that the best interests of the Company and its shareholders are served.
An investment banking firm will be retained to assist the special committee of Directors in evaluating the alternatives available to accomplish the transaction and to advise the committee as to the value of the Cal-Maine Common Stock. Should the special committee recommend the Company become privately held, such action would require the approval of the full Board of Directors and the shareholders. A final decision of the full Board of Directors of Cal-Maine is expected within approximately six weeks.
Cal-Maine Foods, Inc. is primarily engaged in the production, cleaning, grading, packing and sale of fresh shell eggs. The Company, which is headquartered in Jackson, Mississippi, currently is the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in approximately 26 states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States.
Statements contained in this press release which are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (contained in the Company’s SEC filings) which could cause actual results to differ materially from those projected. SEC filings may be obtained from the SEC or by contacting the Company.