Smithfield Foods, Inc. announced yesterday that the shareholders of the company voted overwhelmingly to approve the proposed strategic combination with Shuanghui International Holdings Limited.
At a Special Meeting of Smithfield shareholders held today, more than 96% of the votes cast were voted in favor of the transaction, which represents approximately 76% of Smithfield's total outstanding shares of common stock as of the record date for the Special Meeting.
Under the terms of the agreement Smithfield shareholders will receive $34.00 per share in cash for each share of Smithfield common stock that they own. Upon closing of the transaction, Smithfield's common stock will cease to be publicly traded and the company will be a wholly-owned subsidiary of Shuanghui International Holdings Limited, operating as Smithfield Foods. Subject to customary closing conditions, the company expects to complete the combination by September 26, 2013.
Tuesday September 24, 2013/ Smithfield Foods/ Unites States.