Feds reviewing Smithfield acquisition |
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Fri, 30 Mar 2007 23:26
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SMITHFIELD, Va. (AP) - The Justice Department's antitrust division will take another 30 days to review pork producer Smithfield Foods Inc.'s pending acquisition of rival Premium Standard Farms Inc., both companies said Friday.The agency, which is still in the midst of an initial 60-day review period of the acquisition, will now have until May 7.The deal, which was originally announced Sept. 18, is valued at $674 million in cash and stock. Smithfield would also assume $117 million in debt.Shareholders of Premium Standard, the third largest pork producer in the United States, approved the acquisition in late February. The company will become a wholly owned subsidiary of Smithfield.Shares of Smithfield added 82 cents to close at $29.95 on the New York Stock Exchange, while Premium Standard shares gained 53 cents to close at $21.04 on the Nasdaq Stock Market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Premium Standard Farms holders OK buyout 