Smithfield (SFD) Nears Deal for Potential $5B Sale
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Smithfield Foods (NYSE: SFD) is active early following reports that it is close to a possible sale.
The WSJ reported on Wednesday that Smithfield and Shuanghui Group could be nearing a deal for Shuanghui to acquire Smithfield. Smithfield might fetch $4.5 billion to $5 billion in a potential deal.
An announcement might be made as soon as today, noted the WSJ.
Shuanghui's bid represents a 25 percent to 30 percent premium over Tuesday's close at $25.97 for Smithfield.
The deal is also structured with a reverse breakup fee in the event that talks fall apart of that it isn't able to pass regulatory muster.
Shares of Smithfield are up 23 percent early.
The WSJ reported on Wednesday that Smithfield and Shuanghui Group could be nearing a deal for Shuanghui to acquire Smithfield. Smithfield might fetch $4.5 billion to $5 billion in a potential deal.
An announcement might be made as soon as today, noted the WSJ.
Shuanghui's bid represents a 25 percent to 30 percent premium over Tuesday's close at $25.97 for Smithfield.
The deal is also structured with a reverse breakup fee in the event that talks fall apart of that it isn't able to pass regulatory muster.
Shares of Smithfield are up 23 percent early.
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