Smithfield Foods, Inc. announced today the required waiting period has expired under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR") in connection with the company's previously announced transaction with Shuanghui International Holdings Limited. Shuanghui International is a Hong Kong based privately held company that is the majority shareholder of China's largest meat processing company, Henan Shuanghui Investment & Development Co. In addition, Smithfield announced that it has received foreign antitrust or anti-competition approvals in Mexico and Poland. Smithfield expects the transaction to close in the second half of 2013.
As previously announced on May 29, 2013, Smithfield has entered into a definitive merger agreement with Shuanghui International. Under the terms of the agreement, at the effective time of the merger, Smithfield shareholders will receive $34.00 per share in cash for each share of Smithfield common stock that they own. The transaction remains subject to certain conditions, including, among others, approval by Smithfield's shareholders, the receipt of approval under certain specified other foreign merger clearance laws, review by The Committee on Foreign Investment in the United States and other customary closing conditions.