Smithfield Foods and Premium Standard Farms Receive Request for Additional Information Under U.S. Hart-Scott-Rodino Act
06 Noviembre 2006 - 3:59PM
PR Newswire (US)
SMITHFIELD, Va., Nov. 6 /PRNewswire-FirstCall/ -- Smithfield Foods,
Inc. (NYSE:SFD) and Premium Standard Farms, Inc. ("PSF")
(NASDAQ:PORK) today announced that each has received a request for
additional information, commonly referred to as a Second Request,
from the Antitrust Division of the U.S. Department of Justice (DOJ)
in connection with Smithfield's pending acquisition of PSF. The
Second Request was issued under notification requirements of the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended
(HSR Act). The effect of the Second Request is to extend the
waiting period imposed by the HSR Act until 30 days after
Smithfield and PSF have substantially complied with the Second
Request, unless that period is extended voluntarily by the parties
or terminated sooner by the DOJ. The companies intend to respond
expeditiously to the Second Request and to work towards a prompt
closing, which they are hopeful will occur in the first calendar
quarter of 2007. About Smithfield Foods, Inc. Smithfield has
delivered a 24 percent average annual compounded rate of return to
investors since 1975. With sales of $11 billion, Smithfield is the
leading processor and marketer of fresh pork and processed meats in
the United States, as well as the largest producer of hogs. For
more information, visit http://www.smithfieldfoods.com/. About
Premium Standard Farms, Inc. PSF is one of the largest vertically
integrated providers of pork products in the United States,
producing consistent, high quality pork products for the retail,
wholesale, foodservice, export, and further processor markets. PSF
is the nation's second largest pork producer and sixth largest pork
processor, with approximately 4,300 employees working at farms and
processing facilities in Missouri, North Carolina, and Texas. This
filing contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
statements include, but are not limited to, statements relating to
anticipated financial and operating results, the companies' plans,
objectives, expectations and intentions and other statements
including words such as "anticipate," "believe," "plan,"
"estimate," "expect," "intend," "will," "should," "may," and other
similar expressions. Such statements are based upon the current
beliefs and expectations of Smithfield's and PSF's management and
involve a number of significant risks and uncertainties. Actual
results may differ materially from the results anticipated in these
forward-looking statements. The following factors, among others,
could cause or contribute to such material differences: the risk
that governmental approvals of the transaction will not be obtained
on the proposed terms and schedule or at all or will only be
obtained following the imposition of adverse conditions; the
failure to obtain stockholder approval; the risks that Smithfield's
and PSF's businesses will not be integrated successfully; the risk
that Smithfield and PSF will not realize estimated cost savings and
synergies; costs relating to the proposed transaction; disruption
from the transaction making it more difficult to maintain
relationships with customers, employees or suppliers; the
availability and pricing of hogs, feed and other products necessary
to our business; fluctuations in pricing of our products, the
competitive environment and related market conditions; legal risks,
including litigation and legislative and regulatory developments;
possible effects on products and productivity of disease outbreaks;
access to capital; and actions of domestic and foreign governments.
Additional factors that could cause Smithfield's and PSF's results
to differ materially from those described in the forward-looking
statements can be found in the 2006 Annual Report on Form 10-K of
Smithfield and the 2006 Annual Report on Form 10-K of PSF filed
with the Securities and Exchange Commission (the "SEC") and
available at the SEC's Internet site (http://www.sec.gov/). Neither
Smithfield nor PSF undertakes any obligation to update any
forward-looking statements to reflect circumstances or events that
occur after the date on which such statements were made. This
communication is being made in respect of the proposed merger
transaction involving Smithfield, PSF and KC2 Merger Sub, Inc. In
connection with the proposed transaction, Smithfield filed with the
SEC a registration statement on Form S-4 containing a preliminary
proxy statement/prospectus for the stockholders of PSF, and each of
Smithfield and PSF will be filing other documents regarding the
proposed transaction with the SEC as well. Before making any voting
or investment decision, investors are urged to read the PRELIMINARY
proxy statement/prospectus regarding the proposed transaction AND
THE DEFINITIVE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES
AVAILABLE, AS WELL AS THE other documents REFERRED TO IN THE PROXY
STATEMENT/PROSPECTUS carefully in their entirety when they become
available because they will contain important information about the
proposed transaction. The definitive proxy statement/prospectus
will be mailed to PSF's stockholders. Stockholders will be able to
obtain a free copy of the proxy statement/prospectus, as well as
other filings containing information about Smithfield and PSF,
without charge, at the SEC's Internet site (http://www.sec.gov/).
Copies of the proxy statement/prospectus and the filings with the
SEC that will be incorporated by reference in the proxy
statement/prospectus can also be obtained, without charge, by
directing a request to Smithfield Foods, Inc., 200 Commerce Street,
Smithfield, Virginia 23430, Attention: Investor Relations (212)
758-2100, or to PSF, 805 Pennsylvania Avenue, Suite 200, Kansas
City, Missouri 64105 Attention: Investor Relations (816) 472-7675.
Smithfield, PSF and their respective directors and executive
officers and other persons may be deemed to be participants in the
solicitation of proxies in respect of the proposed transaction.
Information regarding Smithfield's directors and executive officers
is available in Smithfield's proxy statement for its 2006 annual
meeting of stockholders and Smithfield's 2006 Annual Report on Form
10-K, which were filed with the SEC on July 31, 2006 and June 30,
2006, respectively, and information regarding PSF's directors and
executive officers is available in PSF's proxy statement for its
2006 annual meeting of stockholders and PSF's 2006 Annual Report on
Form 10-K, which were filed with the SEC on July 21, 2006 and May
31, 2006, respectively. Other information regarding the
participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise,
is contained in the preliminary proxy statement/prospectus filed
with the SEC. Contacts: For Smithfield: For Premium Standard Farms:
Investors: Steve Lightstone Jerry Hostetter Premium Standard Farms,
Inc. Smithfield Foods, Inc. (816) 472-7675 (212) 758-2100 Media:
Adam Weiner or Scott Hynes Kekst and Company (212) 521-4800
DATASOURCE: Smithfield Foods, Inc. CONTACT: Investors: Jerry
Hostetter of Smithfield Foods, Inc., +1-212-758-2100; or Media:
Adam Weiner or Scott Hynes, both of Kekst and Company,
+1-212-521-4800; or Steve Lightstone of Premium Standard Farms,
Inc., +1-816-472-7675 Web site: http://www.smithfieldfoods.com/
Copyright
Premium Standard Farms (NASDAQ:PORK)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Premium Standard Farms (NASDAQ:PORK)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024