Smithfield Says ISS Recommends Shareholders Vote For Shuanghui Merger

(RTTNews) - Smithfield Foods, Inc.(SFD), Thursday said an independent proxy voting and corporate governance advisory firm, Institutional Shareholder Services or ISS, recommended that Smithfield shareholders vote "for" the proposed strategic combination with Shuanghui International Holdings Limited, at the shareholders' meeting scheduled for September 24.

Larry Pope, chief executive officer of Smithfield said the company is pleased with the ISS endorsement and urged the shareholders to vote for the proposed merger deal. According to the terms of the agreement, Smithfield shareholders will receive $34 per share in cash for each share of Smithfield common share they own. After the closure of the deal, Smithfield will be a wholly owned unit of Shuanghui International Holdings Limited, operating as Smithfield Foods. Smithfield's common stock will then cease to be publicly traded. The company expects to conclude the transaction by September 26.