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Smithfield
Foods, Inc.
SFD and Shuanghui International Holdings Limited today
announced that they have entered into a definitive merger agreement that
values Smithfield at approximately US$7.1 billion, including the assumption of
Smithfield's net debt. Shuanghui International is the majority shareholder of
Henan Shuanghui Investment & Development Co. (SZSE:000895), which is China's
largest meat processing enterprise and China's largest publicly traded meat
products company as measured by market capitalization.
Under the terms of the agreement, which has been unanimously approved by the
boards of directors of both companies, Shuanghui will acquire all of the
outstanding shares of Smithfield for US$34.00 per share in cash. The purchase
price represents a premium of approximately 31% over Smithfield's closing
stock price on May 28, 2013, the last trading day prior to today's
announcement.
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