Smithfield Got Another $34-a-Share Bid Prior to Shuanghui Deal
Smithfield Foods Inc. (SFD), the U.S. hog producer that agreed last month to be acquired by Shuanghui International Holdings Ltd., got another $34-a-share offer from a foreign company.
Talks between the other bidder ended because the potential acquirer couldn’t announce a bid earlier than June 13, Smithfield said today in its proxy statement. Smithfield announced May 29 that it would be acquired by Shuanghui for $34 a share.
The other bidder wasn’t identified by Smithfield, which described it as a publicly traded, non-U.S. company. That company initially approached Smithfield in April indicating it was interested in acquiring a minority stake in the company, according to the filing.
Thailand’s Charoen Pokphand Foods Pcl (CPF) and Brazil’s JBS SA (JBSS3) were preparing bids for Smithfield before the U.S. company agreed to the $4.72 billion offer from China’s Shuanghui, people familiar with the matter said May 29.
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