Smithfield Foods shareholders will meet with the company on September 24 to vote on the proposed $7.1 billion deal that would allow China's Shuanghui International Holdings to take ownership of the world's largest pork processor. Smithfield Foods has field with the Securities and Exchange Commission and will mail to shareholders the proxy materials in connection to the merger agreement.
The meeting will be held at 9 a.m. Eastern Time at McGuireWoods LLP at One James Center in Richmond, Va. All shareholders of Smithfield's common stock as of the close of business on August 5 will be entitled to vote their shares, either in person or by proxy.
The Smithfield board of directors recommends that Smithfield shareholders vote for the proposal to approve the merger agreement. Under the terms of the agreement, each outstanding share of Smithfield common stock would be converted into the right to receive $34.
The transaction, which is expected to close in the second half of 2013, remains subject to certain conditions, including, among others, approval by Smithfield's shareholders, the receipt of approval under certain specified foreign merger clearance laws, review by the Committee on Foreign Investment in the United States and other customary closing conditions.