Shuanghui-Smithfield transaction leaps one hurdle
SMITHFIELD, Va. – The required waiting period has expired under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) in connection with the Smithfield Foods’ previously announced transaction with Shuanghui International Holdings Limited. Shuanghui International is a Hong Kong-based, privately held company that is the majority shareholder of Henan Shuanghui Investment & Development Co. (SZS) – China's largest meat-processing company.
Smithfield also announced it has received foreign antitrust or anti-competition approvals in Mexico and Poland. It expects the transaction to close in the second half of 2013.
Smithfield announced at the end of May it had entered into a definitive merger agreement with Shuanghui International. According to terms of the agreement, at the effective time of the merger, Smithfield shareholders will receive $34.00 per share in cash for each share of Smithfield common stock they own. The transaction remains subject to certain conditions, including, among others, approval by Smithfield's shareholders, the receipt of approval under certain specified other foreign merger clearance laws, review by The Committee on Foreign Investment in the United States and other customary closing conditions.