Sanderson Farms, Inc. announces that at a special meeting of stockholders, its stockholders approved the previously announced agreement for a joint venture between Cargill and Continental Grain to acquire Sanderson Farms for $203 per share in cash.
Upon completion of the transaction, Cargill and Continental Grain will combine Sanderson Farms with Wayne Farms, a subsidiary of Continental Grain, to form a new, privately held poultry business.
“We are pleased Sanderson Farms stockholders approved this transaction and thank them for their support,” says Joe Sanderson, chairman and CEO 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.”
According to the preliminary results announced at the special meeting, more than 86% of the outstanding shares, or more than 99% of the votes cast, voted in favor of the transaction. In total, approximately 87% of the outstanding shares of Sanderson Farms common stock were voted at the special meeting.
The final voting results will be filed with the U.S. Securities and Exchange Commission on a Form 8-K.
The transaction is expected to close in the fourth calendar quarter of 2021 or in the first calendar quarter of 2022, and is subject to regulatory approvals and other customary closing conditions.
About Sanderson Farms
Sanderson Farms, Inc. is engaged in the production, processing, marketing and distribution of fresh, frozen and minimally prepared chicken.
