4 Mergers and Acquisitions Stock Stories Ready for Tuesday Due Diligence
Smithfield Foods Inc. (NYSE:SFD): Current price $33.98
Smithfield on Tuesday announced that its shareholders voted overwhelmingly to OK its proposed strategic merger with Shuanghui International Holdings Ltd. More than 96 percent of the votes cast were in favor of the transaction, which represents some 76 percent of Smithfield’s total outstanding shares of common stock as of the record date for the special meeting. Through the terms of the agreement, Smithfield shareholders will receive $34 per share in cash for each share of common stock they hold. Upon the transaction’s close, expected on Thursday, Smithfield’s common stock will cease to be publicly traded, and the firm will become a wholly owned subsidiary of Shuanghui, operating as Smithfield Foods.