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)
“The naive notion that a mother naturally acquires the complex skills of childrearing simply because she has given birth now seems as absurd to me as enrolling in a nine-month class in composition and imagining that at the end of the course you are now prepared to begin writing War and Peace.”
—Mary Kay Blakely (20th century)
“In taking out an insurance policy one pays for it in dollars and cents, always at liberty to discontinue payments. If, however, woman’s premium is a husband, she pays for it with her name, her privacy, her self-respect, her very life, “until death doth part.””
—Emma Goldman (1869–1940)
“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)
“A feeble man can see the farms that are fenced and tilled, the houses that are built. The strong man sees the possible houses and farms. His eye makes estates, as fast as the sun breeds clouds.”
—Ralph Waldo Emerson (1803–1882)