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)
“The urge for Chinese food is always unpredictable: famous for no occasion, standard fare for no holiday, and the constant as to demand is either whim, the needy plebiscite of instantly famished drunks, or pregnancy.”
—Alexander Theroux (b. 1940)
“We noticed several other sandy tracts in our voyage; and the course of the Merrimack can be traced from the nearest mountain by its yellow sand-banks, though the river itself is for the most part invisible. Lawsuits, as we hear, have in some cases grown out of these causes. Railroads have been made through certain irritable districts, breaking their sod, and so have set the sand to blowing, till it has converted fertile farms into deserts, and the company has had to pay the damages.”
—Henry David Thoreau (1817–1862)