SMITHFIELD, Va. (AFX) – Smithfield Foods Inc. said Monday it has complied with a Department of Justice antitrust division request for information related to the pork processor’s acquisition of rival Premium Standard Farms Inc.
Smithfield said it plans to acquire the pork producer for $674 million in cash and stock and assume $117 million in debt.
Smithfield said it hopes the antitrust division can complete its review in enough time for the deal to close in the first quarter of 2007.
A Premium Standard Farms shareholders meeting has been scheduled for Feb. 23 to vote on the deal.
Smithfield Foods shares fell 25 cents to close at $26.13 on the New York Stock Exchange.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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