Smithfield Got Another $34-a-Share Bid Prior to Shuanghui DealSimon Casey
Smithfield Foods Inc., 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 and Brazil’s JBS SA 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.