Smithfield Shareholders Approve $7.1 B Deal

Smithfield Shareholders Approve $7.1 B Deal

By Amanda Brodhagen, Farms.com

Smithfield Foods Inc. shareholders voted Tuesday to approve a $4.7 billion deal, to China’s Shuanghui International Holdings Ltd. Shareholders accepted the $34 per share offer.

More than 96 percent of the votes were in favor of the purchase. This will mark the largest takeover of a U.S. company by a Chinese business.

The deal has already been approved by U.S. government. The transaction is expected to go through later this week.