Cargill and Continental Grain Company to Acquire Sanderson Farms for $203 per Share in Cash and Create a Leading U.S. Poultry Company
The combination of
"Since my grandfather founded
"We are very happy to partner with
The new company will have state-of-the-art operations and will continue to invest in its workforce and in employee safety. Operations will include poultry processing plants and prepared foods plants across
"At Cargill, we are committed to nourishing the world in a safe, responsible and sustainable way," said
PARTNERING WITH FARMERS AND COMMUNITIES
The transaction is expected to close by the end of 2021 or early 2022, and will be subject to regulatory and
The acquisition consortium has committed equity and debt financing in place to complete the transaction.
Upon the completion of the transaction,
Lazard acted as the financial advisor for
Conti is a privately owned global investor, owner and operator of companies with more than 200 years of history across the food and agribusiness spectrum. It creates long–term value by applying deep industry knowledge, capital and talent to businesses ranging from established market leaders to promising innovators.
Conti builds platforms that leverage its strategic expertise in food production, processing, and distribution to source proprietary deals, working alongside trusted partners and supporting strong management teams. It brings a long–term ownership mindset, concentrating on investment and operating plans that create enduring value and a sustainable, efficient and nutritional food supply chain. Conti brings people, ideas and resources together to build the businesses that will feed the world.
Cautionary Statement Regarding Forward-Looking Statements
This communication includes forward-looking statements within the meaning of the "safe harbor" provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on a number of assumptions about future events and are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from the views, beliefs, projections and estimates expressed in such statements. These risks, uncertainties and other factors include, but are not limited to, those discussed under "Risk Factors" in the Annual Report on Form 10-K for the fiscal year ended
Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company. Each such statement speaks only as of the day it was made. The Company undertakes no obligation to update or to revise any forward-looking statements. The factors described above cannot be controlled by the Company. When used in this communication, the words "believes," "estimates," "plans," "expects," "should," "could," "outlook," and "anticipates" and similar expressions as they relate to the Company or its management are intended to identify forward looking statements. Forward-looking statements in this press release may include, without limitation: statements about the potential benefits of the proposed acquisition, anticipated growth rates, the Company's plans, objectives, expectations, and the anticipated timing of closing the proposed transaction.
Additional Information and Where to Find It
In connection with the proposed transaction, the Company will file relevant materials with the
Participants in the Solicitation
The Company and certain of its directors, executive officers and employees may be considered to be participants in the solicitation of proxies from the Company's stockholders in connection with the proposed transaction. Information regarding the persons who may, under the rules of the
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Media / Investor Inquiries: For Cargill, Daniel Sullivan, firstname.lastname@example.org, For Wayne Farms: Frank Singleton, 678-316-4237, Fes01@att.net, For Sanderson Farms: Mike Cockrell, Sanderson Farms, Treasurer, Chief Financial Officer & Chief Legal Officer, (601) 426-1454, -or- Paul Caminiti / Delia Cannan / Nicholas Leasure, Reevemark, (212) 433-4600, -or- MacKenzie Partners, Inc., Dan Burch / Laurie Connell, (212) 929-5748 / (212) 378-7071, email@example.com, firstname.lastname@example.org