Smithfield Foods Agrees To Buy Premium Standard
Smithfield Foods Agrees To Buy Premium Standard
The nation's largest pork producer, Smithfield Foods Inc. agreed to purchase the country's second-largest producer, Premium Standard Farms Inc., in a deal valued at about $810 million, including the assumption of about $117 million in debt.
Under terms of the deal, each Premium Standard share will be converted into the right to receive 0.678
Premium Standard shares ran up sharply late Friday afternoon, suggesting that traders might have caught wind of a possible transaction. Trading volume was triple the average rate, and the company's shares rose 6.8%, or $1.13, as the trading day came to a close.
The deal will solidify
The deal would seem to present the possibility of an antitrust review, though
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