Smithfield shareholders approve deal with Chinese firm
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WASHINGTON, Sept. 24 - Smithfield Foods, Inc. announced today that its company shareholders voted in a strong majority to approve its proposed sales to China's Shuanghui International Holdings Limited.
At a meeting, the company, which is worth about $13 billion, said more than 96 percent of the votes were in favor of the transaction, which represents about 76 percent of Smithfield's total outstanding shares of common stock.
“We are pleased with the outcome of today's vote and thank all of our shareholders for their support,” said C. Larry Pope, Smithfield president and chief executive officer. “The partnership is all about growth, and about doing more business at home and abroad.”
Under terms of the deal, Smithfield shareholders will receive $34 per share in cash for each share of Smithfield common stock that they own. Upon closing of the transaction, Smithfield's common stock will cease to be publicly traded and the company will be a wholly-owned subsidy of Shuanghui.
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