SMITHFIELD, VA. — The shareholders of Smithfield Foods, Inc. voted to approve the acquisition of the company by Shuanghui International Holdings Ltd. Under terms of the agreement Smithfield shareholders will receive $34 per share in cash for each share of Smithfield common stock that they own.
At a special meeting of Smithfield shareholders held Sept. 24, 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, according to the company.
“We are pleased with the outcome of today’s vote and thank all of our shareholders for their support,” said C. Larry Pope, president and chief executive officer of Smithfield. “This is a great transaction for all Smithfield stakeholders, as well as for American farmers and U.S. agriculture. The partnership is all about growth, and about doing more business at home and abroad. It will remain business as usual — only better — at Smithfield, and we look forward to embarking on this new chapter.”With the acquisition of Smithfield Foods, Shuanghui expands its position as a global meat processor. The company currently has 13 processing plants located throughout China and four more under construction.