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)
“A novel which survives, which withstands and outlives time, does do something more than merely survive. It does not stand still. It accumulates round itself the understanding of all these persons who bring to it something of their own. It acquires associations, it becomes a form of experience in itself, so that two people who meet can often make friends, find an approach to each other, because of this one great common experience they have had ...”
—Elizabeth Bowen (1899–1973)
“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)
“Error is a supposition that pleasure and pain, that intelligence, substance, life, are existent in matter. Error is neither Mind nor one of Mind’s faculties. Error is the contradiction of Truth. Error is a belief without understanding. Error is unreal because untrue. It is that which seemeth to be and is not. If error were true, its truth would be error, and we should have a self-evident absurdity—namely, erroneous truth. Thus we should continue to lose the standard of Truth.”
—Mary Baker Eddy (1821–1910)
“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)