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Smithfield Foods Inc.

6/19/2013, 2:32 PM ET

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Wednesday, June 19, 11:36 AM Smithfield Foods (SFD +0.3%) made an interesting disclosure yesterday in a SEC filing. The company was considering a "potentially significant acquisition" of a large business in the packaged meats sector. The speculation from dealReporter is that it was Hillshire Brands (HSH +1.5%) in the crossfires, an acquisition which makes sense and could be on the table again if regulators stop the Shuanghui International purchase of Smithfield. 1 Comment [Consumer]
Tuesday, June 18, 4:43 AM Smithfield Foods (SFD) intends to review a letter from activist investor Starboard, which reckons that the pork producer could earn more value by splitting up into three and then selling itself rather than going through with its $4.7B acquisition by Shuanghui. However, Smithfield reiterated its recommendation that shareholders vote for the Shuanghui deal, as it provides "significant, immediate and certain" cash value to shareholders. Comment! [M&A]
Monday, June 17, 8:49 AM Smithfield Foods (SFD) moves up 1.4% premarket after Starboard Value pitches that a piecemeal sale of the company might make sense. The sum-of-the-parts chatter could also provide another lift for the packaged meats sector as a whole. On watch: Tyson Foods (TSN), Seaboard Corporation (SEB), Hillshire Brands (HSH), and Hormel Foods (HRL). Comment! [Consumer, On the Move]
Monday, June 17, 3:37 AM Activist investor Starboard Value has reportedly taken a 5.7% stake in Smithfield (SFD) and is urging the company to split up into three rather than complete its $4.7B acquisition by China's Shuanghui. Starboard reckons Smithfield could be worth $44-55 if it were to break up into separate U.S. pork production, hog farming and international-sales companies, well above Shuanghui's offer of $34 a share. Comment! [M&A, Top Stories]
Friday, June 14, 8:33 AM Smithfield Foods (SFD): FQ4 EPS of $0.21 misses by $0.21. Revenue of $3.32B (+3% Y/Y) beats by $0.05B. (PR) Comment! [Earnings, Breaking News, Consumer]
Friday, June 14, 12:05 AM Notable earnings before Friday's open: AMSC, SFD Comment! [Earnings]
Thursday, June 13, 5:30 PM Notable earnings before Friday's open: AMSC, SFD Comment! [Earnings]
Tuesday, June 11, 9:38 AM The mystery over some suspicious options trading on Smithfield Foods (SFD -0.1%) just in front of its acquisition by Shuanghui International appears to have been solved with the freezing of an account in Thailand that accounted for a bulk of the profitable activity. The SEC has already found a connection between the Thai trader and Smithfield Foods through Facebook but will need a bit more evidence to file charges. 1 Comment [Consumer]
Monday, June 10, 9:50 AM The view from China is that U.S. politicians miss the big picture as they prattle on about the impact of a Chinese company buying Smithfield Foods (SFD -0.2%). Despite the focus on the Smithfield deal, China still doesn't rank in the top 20 nations for foreign direct investment in the U.S. According to groups supporting China acquisitions, those investments help bring the cultures closer which can ultimately mean more sales for U.S. firms (Nike, McDonald's, Coca-Cola, etc.) in China. 3 Comments [Consumer]
Monday, June 10, 3:08 AM Shuanghui International's $4.7B acquisition of Smithfield Foods (SFD) could be complicated by little-known and rarely tested laws in several states that ban foreign ownership of agricultural land. Smithfield's 11 slaughterhouses and meat factories in the states are probably exempt from the prohibitions, although the company's possible reliance on farm, feed or waste facilities could attract legal challenges. States with foreign-ownership restrictions include Iowa and Wisconsin. Comment! [M&A, Commodities]
Thursday, June 6, 11:41 AM Though Michigan Senator Debbie Stabenow is the latest politician to make some noise about a Chinese company buying Smithfield Foods (SFD -0.3%), investors seem to be betting the deal will end up flying. Regulators will look into any potential national security issues, but with the crux of the deal being U.S. hog farms helping to provide exports to China - instead of vice-versa - it should pass muster. Comment! [Consumer]
Tuesday, June 4, 4:47 AM Continental Grain intends to sell its 5.84% stake in Smithfield Foods (SFD) and not engage in a proxy battle to split the hog producer into three, Continental said yesterday. The company's decision follows Shuanghui's offer last week to acquire Smithfield for $4.7B. Continental had become the pork company's biggest shareholder and had urged it to break up in a letter sent in March. Comment! [M&A, Commodities]
Wednesday, May 29, 12:45 PM Midday top 10 gainers: STEI +34%. SFD +25%. VRTB +22%. CLSN +19%. ARTX +19%. BWS +14%. CLNT +12%. PWRD +12%. AEGR +12%. TFM +10%.
Midday top 10 Losers: OWW -14%. MRC -13%. ALVR -12%. SOCB -11%. TSL -11%. PIP -11%. PRXI -12%. VIMC -11%. WHX -10%. TISA -9%. Comment! [On the Move]
Wednesday, May 29, 9:56 AM Heard during Smithfield Foods' (SFD) conference call: Execs say the sale to a Chinese company is "good news" for the pork industry as a major U.S.-based food company ties in with an extensive Chinese distribution network. They also note Shuanghui sells in other major Asian markets such as Japan and Korea. Both CEOs reiterated that Smithfield's business and operations will remain largely the same. (webcast) Comment! [Consumer, M&A]
Wednesday, May 29, 9:10 AM Premarket gainers: STEI +35%. SFD +25%. BLDP +8%. SONS +7%. TFM +6%.
Losers: TSL -13%. CSIQ -6%. CHS -6%. Comment! [On the Move]
Wednesday, May 29, 8:48 AM More on the Smithfield Foods (SFD) acquisition: Under the seemingly generous terms of its deal to be acquired by Shuanghui International, no Smithfield facilities or locations will be closed and the existing management team will remain in place. The board indicates it expects resistance from U.S. regulators and has a breakup fee embedded as part of the deal - but with pork products flowing from the U.S. to China - (instead of the reverse) - landing approval may be easier than in prior U.S.-China mergers. SFD +25.1% to $32.49, 4.6% below the deal price. Comment! [Consumer, M&A, On the Move]

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