Smithfield Shareholders Approve Takeover Bid by Shuanghui
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Smithfield Foods Inc. shareholders voted to approve Shuanghui International Holdings Ltd.’s $4.7 billion deal, the largest Chinese acquisition of a U.S. company.
The $34-a-share offer for the world’s biggest producer of hogs and pork was approved by 96 percent of voting shareholders, Chief Executive Officer C. Larry Pope said at a special meeting in Richmond, Virginia, yesterday. Hong Kong-based Shuanghui agreed to buy the meat processor in May. An alternative plan from an activist shareholder to split the company into three parts was abandoned before the vote.