Smithfield Foods Inc. will hold a meeting in Richmond on Sept. 24 for shareholders to vote on its proposed $7.1 billion takeover by Shuanghui International Holdings Ltd. of China, according to a proxy statement filed Monday.
Officials of the Smithfield-based pork company have promoted the deal as opening the door to substantial increases in exports to China. Critics, though, have voiced worry about persistent problems with food safety in China.
Smithfield's stockholders would receive $34 for each share. Shares closed Monday at $33.38 each on the New York Stock Exchange, unchanged from Friday. If the deal goes through, Smithfield would be delisted from the stock exchange and would no longer be a public company.
The deal also needs the approval of the federal Committee on Foreign Investment in the United States, which examines overseas transactions for national-security implications. The proxy, filed with the U.S. Securities and Exchange Commission, said the committee will finish its review by Sept. 6.
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