Smithfield Foods, Inc. (NYSE: SFD) today announced that its wholly-owned subsidiary, 2004171 Ontario Inc., has acquired approximately 2,550,000 Class A non-voting shares of Schneider Corporation (TORONTO: SCD), pursuant to its offer that expired today. Schneider is now 99% owned by Smithfield Foods. The offer for the outstanding Class A non-voting shares of Schneider was made on August 8, 2001.
As a result of the stock split recently announced by Smithfield Foods, each share tendered will be exchanged for 1.083 shares of Smithfield common stock. Payment will be made on September 17, 2001. The remaining Schneider shares will be acquired as soon as possible in accordance with the compulsory acquisition procedures under the Ontario Business Corporations Act.
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Smithfield Foods has delivered a 28 percent average annual compounded rate of return to investors since 1975. In the last 15 years, Smithfield Food’s share price has out performed the S&P 500 Index by more than 350 percent. With annual sales of $6 billion, Smithfield Foods is the leading processor and marketer of fresh pork and processed meats in the United States, as well as the largest producer of hogs. For more information, please visit www.smithfieldfoods.com.
