By Lisa Kerner
Charlotte, N.C., Feb. 23 - Premium Standard Farms, Inc. stockholders approved the company's merger agreement with Smithfield Foods, Inc. at a special meeting held Friday.
Each share of Premium Standard Farms stock will be converted into 0.678 of a share of Smithfield common stock and $1.25 in cash.
As a result of the merger, which is slated to close in the first quarter of 2007, Premium Standard Farms will become a wholly owned subsidiary of Smithfield.
Smithfield is a pork processor and marketer located in Smithfield, Va.
Premium Standard is a vertically integrated provider of pork products based in Kansas City, Mo.
| Acquirer: | Smithfield Foods, Inc.
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| Target: | Premium Standard Farms, Inc.
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| Payment per share: | 0.678 of a share of Smithfield common stock, plus $1.25 cash
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| Announcement date: | Feb. 5
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| Expected closing: | First quarter of 2007
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| Stock price for acquirer: | NYSE: SFD; $13.83 on Feb. 22
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| Stock price for target: | Nasdaq: PORK; $20.84 on Feb. 22
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