As Sanderson Farms prepares to transition from being a publicly-traded company to part of a joint venture between two privately-held companies, it has cancelled its annual investor conference, which was originally scheduled for October 15.
It was announced on August 9 that an agreement had been reached in which Continental Grain Company and Cargill would acquire Sanderson Farms for an estimated price of $4.53 billion.
That potential transaction is subject to regulatory approval, as well as approval from Sanderson Farms shareholders. The companies stated that they expected the deal to be finalized by the end of 2021 or in early 2020.
Meanwhile, Sanderson Farms intends to release the financial results of the third quarter of fiscal year 2021 on August 26. Typically, Sanderson Farms has issued a press release and held a conference call with analysts and investors. However, Sanderson Farms on August 12 announcement that when it releases its third quarter results, it would issue a press release but not host a conference call. That same announcement included the information regarding the cancellation of the investor day.
When the proposed plan for Sanderson Farms to be acquired was announced, it was revealed that Sanderson Farms, the third largest poultry company in the United States, would merge with Wayne Farms, the nation’s seventh largest poultry company. Wayne Farms is a subsidiary of Continental Grain.
Sanderson Farms, according to the WATTAgNet Top Companies Database, was founded as a small general feed and seed business in 1947, and has since grown into a major broiler integrator. It was incorporated in 1955 and became a public company following an initial public offering in 1987.
Presently, Joe F. Sanderson Jr. is the chairman and chief executive officer of Sanderson Farms, while Lampkin Butts is the president and chief operating officer.
Clint Rivers, presently the chief executive officer of Wayne Farms, will lead the combined company.
