The proposed transaction between Shuanghui International Holdings Limited and Smithfield Foods, Inc. has received clearance from the Committee on Foreign Investment in the United States (CFIUS). Smithfield and Shuanghui International also announced that the parties have received governmental merger clearance in Ukraine.
The transaction remains subject to Smithfield shareholder approval and other customary closing conditions. Smithfield's shareholders are scheduled to vote on the transaction at a special shareholders meeting on Sept. 24, 2013. Shuanghui International and Smithfield expect the transaction to close shortly thereafter.
“This transaction will create a leading global animal protein enterprise,” says Zhijun Yang, chief executive officer of Shuanghui International. “Shuanghui International and Smithfield have a long and consistent track record of providing customers around the world with high-quality food, and we look forward to moving ahead together as one company.”
Smithfield Chief Executive Officer and President C. Larry Pope adds, “We are pleased that this transaction has been cleared by CFIUS, and we thank the committee for its careful attention to this review.”
On May 29, 2013, Shuanghui International and Smithfield entered into a definitive merger agreement. Under the terms of the agreement, Smithfield shareholders will receive $34.00 per share in cash for each share of Smithfield common stock that they own. Upon consummation of the transaction, Smithfield will continue to operate under its existing brand names as a wholly owned subsidiary of Shuanghui International.
Learn more about Shuanghui International Holdings Limited at www.shuanghui-international.com.
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