MINNEAPOLIS and NEW
YORK, July 22, 2022 /PRNewswire/ -- Cargill and
Continental Grain Company today announced the completion of the
previously announced acquisition of Sanderson Farms, Inc. (NASDAQ:
SAFM) by a joint venture between Cargill and Continental Grain. The
acquisition was announced on August 9,
2021.
Sanderson Farms shareholders are receiving $203.00 per each share of common stock they owned
as of immediately prior to the completion of the transaction. As a
result of the completion of the transaction, Sanderson Farms'
shares will no longer trade on the NASDAQ beginning July 22, 2022.
As a part of the closing of the transaction, Cargill and
Continental Grain have combined Sanderson Farms with Wayne Farms, a
subsidiary of Continental Grain, forming a new privately held
poultry business. The new business, named Wayne-Sanderson Farms,
will be headquartered in Oakwood,
GA. As previously announced, Clint
Rivers, currently CEO of Wayne Farms, has been appointed CEO
of the combined company.
Mr. Rivers said, "I am honored to lead the new Wayne-Sanderson
Farms, which brings together a talented team with complementary
operations and cultures and a strong commitment to employees,
farmers and the communities where we operate. The new company is
ideally positioned to continue to serve customers and consumers
with high-quality and affordable products."
Wayne-Sanderson Farms is a best-in-class U.S. poultry company
with a high-quality asset base, a strong operating culture, and an
industry-leading management team and workforce. Operating chicken
processing plants and prepared foods plants across Alabama, Arkansas, Georgia, Louisiana, Mississippi, North Carolina,
and Texas, Wayne-Sanderson Farms has state-of-the-art
operations and will continue to invest in its stakeholders,
workforce and in employee safety.
Joe F. Sanderson, Jr. said, "It
has been an incredible privilege to lead the Sanderson Farms team
over the last thirty-three years and to continue my family's legacy
by helping to nourish families across the country. I am proud of
all we have achieved together, and I am confident that the
fairness, honesty and integrity that has been synonymous with the
Sanderson Farms name will carry on with Wayne-Sanderson
Farms."
BofA Securities acted as the financial advisor to Cargill and
Freshfields Bruckhaus Deringer (US) LLP acted as legal counsel.
Gibson Dunn & Crutcher acted as tax counsel. Centerview
Partners LLC acted as financial advisor to Sanderson Farms and
Wachtell, Lipton, Rosen & Katz, Fishman Haygood LLP and
Brunini, Grantham, Grower & Hewes, PLLC acted as legal counsel.
Lazard acted as the financial advisor for Wayne Farms and
Continental Grain, and Paul, Weiss, Rifkind, Wharton & Garrison
LLP acted as legal counsel. Also acting for Cargill and Continental
Grain were Arnold & Porter Kaye Scholer LLP as special
antitrust counsel and Jones Walker LLP as Mississippi counsel.
About Cargill
Cargill's 155,000 employees across 70 countries work
relentlessly to achieve our purpose of nourishing the world in a
safe, responsible, and sustainable way. Every day, we connect
farmers with markets, customers with ingredients, and people and
animals with the food they need to thrive. We combine 156 years of
experience with new technologies and insights to serve as a trusted
partner for food, agriculture, financial and industrial customers
in more than 125 countries. Side-by-side, we are building a
stronger, sustainable future for agriculture.
About Continental Grain Company
Continental Grain is a privately owned global investor, owner,
and operator of companies with more than 200 years of history
across the food and agribusiness spectrum. It creates long–term
value by applying deep industry knowledge, capital and talent to
businesses ranging from established market leaders to promising
innovators, working alongside trusted partners, and supporting
strong management teams. It brings a long–term ownership mindset,
concentrating on investment and operating plans that create
enduring value and a sustainable, efficient, and nutritional food
supply chain. Continental Grain brings people, ideas, and resources
together to build the businesses that will feed the world.
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SOURCE Cargill, Inc.