Smithfield prices stock offering
- September 18, 2009
Smithfield Foods Inc. has priced its common-stock offering of 21.7 million shares at $13.85 a share.
Proceeds from the $300 million offering will be used for working capital and general corporate purposes including debt retirement.
One member of Smithfield’s board of directors, Paul Fribourg, resigned earlier this week in protest over the offering. According to a company news release, Fribourg did not believe the offering was necessary at this time. He is chairman, president and CEO of Continental Grain Co., the beneficial owner of 8.8 percent of Smithfield’s shares.
Smithfield Foods, based in Smithfield, is the world’s largest pork processor and hog producer.