Smithfield Foods Acquires Premium Standard Farms
On September 18, 2006, Smithfield Foods announced that it would acquire Premium Standard Farms in a cash and stock deal that would total $810 million including the assumption of about $117 million in debt. The sale of PSF’s open stock still requires approval from the SEC as well as shareholder approval. Smithfield hoped to close the deal by the end of the first quarter in calendar year 2007.
ContiGroup Companies Inc supported the cash and stock buyout and voted its 38.8 percent stake in PSF in favor of the deal.
In May 2007, Smithfield completed the acquisition of Premium Standard Farms, converting shares into Smithfield stock at a rate of 0.678 Smithfield shares plus $1.25 in cash per PSF share.
Read more about this topic: Premium Standard Farms
Famous quotes containing the words foods, acquires, premium, standard and/or farms:
“There are many of us who cannot but feel dismal about the future of various cultures. Often it is hard not to agree that we are becoming culinary nitwits, dependent upon fast foods and mass kitchens and megavitamins for our basically rotten nourishment.”
—M.F.K. Fisher (1908–1992)
“Fogs and clouds which conceal the overshadowing mountains lend the breadth of the plains to mountain vales. Even the small-featured country acquires some grandeur in stormy weather when clouds are seen drifting between the beholder and the neighboring hills.”
—Henry David Thoreau (1817–1862)
“There is little premium in poetry in a world that thinks of Pound and Whitman as a weight and a sampler, not an Ezra, a Walt, a thing of beauty, a joy forever.”
—Anna Quindlen (b. 1952)
“Liberty requires opportunity to make a living—a living decent according to the standard of the time, a living which gives a man not only enough to live by, but something to live for.”
—Franklin D. Roosevelt (1882–1945)
“For all symbols are fluxional; all language is vehicular and transitive, and is good, as ferries and horses are, for conveyance, not as farms and houses are, for homestead.”
—Ralph Waldo Emerson (1803–1882)