Smithfield Shareholders Approve $7B Shuanghui Takeover

Law360, New York (September 24, 2013, 11:02 AM EDT) -- Shareholders in Smithfield Foods Inc. voted Tuesday to send the company into private hands in a $7.1 billion sale to a Chinese meat processor, bringing an end to a chase that drew sharp criticism from U.S. lawmakers and one of Smithfield's biggest shareholders.

The holders of about 76 percent of the Virginia company's shares threw their weight behind the deal, enough to meet the majority threshold required to advance sale plans, Smithfield said.

With the final hurdle cleared, Shuanghui International Holdings Ltd. will push ahead with...
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