Sep. 24, 2013, 9:47 AM| Comment!
Sep. 20, 2013, 10:35 AM
- Activist fund Starboard "couldn’t bring home the bacon," writes MoneyBeat. The fund, which holds 5.7% of Smithfield Foods (SFD -0.6%) stock, conceded it could not find a better offer than Shuanghui's $34/share proposal after agitating to block the deal.
- The concession removes one of the few remaining potential roadblocks to the acquisition, after it passed U.S. government scrutiny and received recommendations from proxy solicitors ISS and Glass Lewis. A shareholder vote is scheduled for next week.
Sep. 18, 2013, 2:38 AM
- China's Shuanghui International is reportedly on track to receive the approval of over 50% of Smithfield's (SFD) investors for its $4.7B acquisition of the U.S. pork producer. Reaching that level would allow Shuanghui to close the deal by Thursday next week.
- The shareholder vote is due to take place on Tuesday, giving activist investor Starboard, which opposes Shuanghui's offer, little time to find an alternative bidder. Starboard is expected to make some sort of announcement this week.
Sep. 9, 2013, 2:46 PM
- The approval by the U.S. government of the acquisition by Shuanghui International of Smithfield Foods (SFD +0.7%) signals an informal end to an U.S-China trade war, according to the South China Morning Post.
- Though the transition of a major U.S. food producer to Chinese hands still faces some major hurdles, the deal could have a ripple effect of lightening the mood of regulators in Beijing and Washington D.C. over any new mergers.
Sep. 8, 2013, 5:42 AM
- The Committee on Foreign Investment, which reviews the national security risks of acquisitions by foreign companies, has approved Shuanghui International's $4.7B purchase of Smithfield Foods (SFD).
- The authorization comes amid concerns that food safety will be compromised.
- The deal now needs shareholder approval, with a vote scheduled for September 24.
- Activist hedge fund Starboard Value, an owner of a 5.7% stake in Smithfield, has said it will vote against the transaction and is looking for other buyers.
Sep. 6, 2013, 9:07 AM| Comment!
Sep. 6, 2013, 8:48 AM| Comment!
Sep. 6, 2013, 12:05 AM
Sep. 5, 2013, 5:30 PM
Sep. 5, 2013, 2:10 PM
- Thailand-based trader Badin Rungruangnavarat will pay $5.2M to settle a civil suit brought against him by the SEC on charges of insider trading. He allegedly reaped more than $3M in profits after purchasing out-of-the-money calls and single-stock futures on Smithfield Foods stock (SFD) prior to its acquisition being made public.
- The SEC claimed Rungruangnavarat was tipped off about the acquisition by a director who was advising Charoen Pokphand Foods, another company exploring a bid for Smithfield.
Sep. 5, 2013, 6:51 AM
Sep. 3, 2013, 9:25 AM
Sep. 3, 2013, 8:24 AM
- China's Bright Food Group is on the hunt for overseas acquisitions, according to the WSJ.
- The company, along with Shuanghui International, has helped raise the M&A premium on the food manufacturing sector with another major deal expected to occur after the purchase of Smithfield Foods (SFD) set the tone.
Aug. 8, 2013, 4:05 PM
- Smithfield Foods (SFD) breaks higher into the close on a Bloomberg report Starboard Value is seeking a group to put together a rival bid for the company.
- Starboard owns a 5.7% stake in Smithfield and last month reportedly hired advisers to push its case for a new deal.
- The company is currently under agreement to be purchased by China's Shuanghui for $34 per share.
Aug. 5, 2013, 2:22 PM
- Shares of Tyson Foods (TSN +4.3%) are higher after the company surprised analysts with a brisk quarter led by steady demand for chicken, pork, and beef products. The trend of restaurants and consumers moving toward a higher mix of lower-margin chicken products seems to have abated, which is also welcome relief for Tyson.
- Peers are out-performing market averages for the days on the good sector news. SFD +0.1%, HRL +0.2%, PPC +0.4%.
Jul. 16, 2013, 7:00 AMThe $4.7B buyer of Smithfield Foods (SFD) - Shuanghui International - plans a Hong Kong IPO after closing the purchase, reports Reuters, with sources saying Hong Kong would place a higher valuation on the company than exchanges elsewhere. The move would provide an exit route for Shuanghui's P-E investors, including Goldman Sachs (GS). | Comment!
Smithfield Foods, Inc., together with its subsidiaries (the “Company,” “we,” “us” or “our”) began as a pork processing operation called The Smithfield Packing Company, founded in 1936 by Joseph W. Luter and his son, Joseph W. Luter, Jr. Through a series of acquisitions starting in 1981, we have... More
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