LAUREL, MISS.- At a recent special meeting, Sanderson Farms stockholders approved the announced joint venture to be acquired by Continental Grain Co., and Cargill.
The poultry processor confirmed that the deal allows shareholders to receive $203 per share. After the acquisition is finalized, the joint venture will merge Sanderson Farms with Wayne Farms, a subsidiary of Continental Grain.
“We are pleased Sanderson Farms stockholders approved this transaction and thank them for their support,” said Joe Sanderson, chairman and chief executive officer of Sanderson Farms. “We believe this transaction will benefit our various stakeholders, including employees, poultry producers and customers, and we remain focused on continuing to deliver the highest quality poultry products and services.”
In August it was reported that Sanderson would be purchased for $4.5 billion.
According to Sanderson Farms, 86% of the outstanding shares, or more than 99% of the votes cast, voted in favor of the transaction. The deal is expected to be closed in Sanderson Farms’ fourth quarter of 2021 or first quarter of 2022.
Wayne Farms has already started making moves for the upcoming merge with Sanderson Farms. Last week, the company sold its Laurel, Miss., poultry production facility to Amick Farms. Sanderson Farms is headquartered in Laurel.
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