Smithfield, Shuanghui scrutinized

摘要

Sen. Debbie Stabenow held a hearing in Washington on July 10 focused on the pending acquisition of Smithfield Foods by Shuanghui International Holdings, Ltd. Hong Kong-based Shuanghui is proposing to buy Smithfield, Va.-based Smithfield Foods for approximately $7.1 billion, including assumption of debt. Shuanghui will acquire all of Smithfield's outstanding shares for $34 per share in cash, which is a 31 percent premium to Smithfield's closing stock price of $25.97 on May 28. The deal was unanimously approved by boards of directors of both companies.