Second proxy firm endorses Smithfield buyout
September 13, 2013
by Meat&Poultry Staff
SMITHFIELD, Va. – A second firm has advised Smithfield Foods, Inc. shareholders to approve a proposed acquisition of the pork processor by Shuanghui International Holdings, Ltd.
Toronto, Ontario-based Glass Lewis & Co. said: “[W]e believe the proposed transaction is favorable and recommend that shareholders support this proposal. Accordingly, we recommend that shareholders vote FOR this proposal.”
Institutional Shareholder Services (ISS) recommended Smithfield shareholders approve the acquisition at a special shareholder vote scheduled for Sept. 24. The transaction is expected to close Sept. 26 following shareholder approval.
“We are pleased that the proposed transaction with Shuanghui has now been endorsed by both Glass Lewis and ISS, the nation's two leading independent proxy advisory firms,” said C. Larry Pope, president and CEO of Smithfield. “Both Glass Lewis and ISS recognize the significant value that the proposed combination will deliver to all Smithfield shareholders. We look forward to completing this transaction and beginning a new chapter in Smithfield's long and successful history.
“On behalf of the entire Board of Directors, I urge all Smithfield shareholders to follow the recommendations of both Glass Lewis and ISS and vote "FOR" the proposal to approve the merger agreement.”