Smithfield Foods Shareholders OK Strategic Combination With Shuanghui Int'l.

(RTTNews) - Packaged pork and meat products maker Smithfield Foods, Inc. (SFD) said its shareholders voted overwhelmingly to approve the proposed strategic combination with Shuanghui International Holdings Ltd. At today's Special Meeting of Smithfield shareholders, over 96% of the votes cast were voted in favor of the transaction, representing about 76% of Smithfield's total outstanding shares as of the record date for the Special Meeting.

According to Larry Pope, president and chief executive of Smithfield, "This is a great transaction for all Smithfield stakeholders, as well as for American farmers and U.S. agriculture. The partnership is all about growth, and about doing more business at home and abroad. It will remain business as usual - only better - at Smithfield, and we look forward to embarking on this new chapter."

As part of the agreement, Smithfield shareholders would receive $34.00 a share cash for each Smithfield common share they own. Following the transaction closure, Smithfield's common stock would stop to be publicly traded and the firm would be an unit of Shuanghui International Holdings Ltd., operating as Smithfield Foods. The company plans to complete the combination by September 26, 2013.