Smithfield Foods and Premium Standard Farms Certify Substantial Compliance with Second Request; Enter Timing Agreement with Antitrust Division
SMITHFIELD, Va., Feb. 5 -- Smithfield Foods, Inc. (NYSE:SFD) and Premium Standard Farms, Inc. (NASDAQ:PORK) today announced that each has certified substantial compliance with the Antitrust Division of the U.S. Department of Justice (the "Antitrust Division") in response to its Request for Additional Information ("Second Request") relating to Smithfield's pending acquisition of PSF.
While Smithfield and PSF remain hopeful that the Antitrust Division will complete its review in a time frame that will permit the PSF acquisition to close in the first calendar quarter of 2007, the parties have agreed to give the Antitrust Division 60 days from substantial compliance to review the transaction and an additional 30 days thereafter for review should the Antitrust Division deem necessary.
As previously announced, the special meeting of PSF's stockholders called to vote on the merger is scheduled for February 23, 2007, at 10:00 am in Kansas City, Missouri.
About Smithfield Foods, Inc.
Smithfield has delivered a 24 percent average annual compounded rate of return to investors since 1975. With sales of $11 billion, Smithfield is the leading processor and marketer of fresh pork and processed meats in the United States, as well as the largest producer of hogs. For more information, visit http://www.smithfieldfoods.com/.
About Premium Standard Farms, Inc.
PSF is one of the largest vertically integrated providers of pork products in the United States, producing consistent, high quality pork products for the retail, wholesale, foodservice, export, and further processor markets. PSF is the nation's second largest pork producer and sixth largest pork processor, with approximately 4,300 employees working at farms and processing facilities in Missouri, North Carolina, and Texas.
Contacts:
For Smithfield Foods:For Premium Standard Farms:
Jerry Hostetter Steve Lightstone
Smithfield Foods, Inc.
(212) 758-2100
jerryhostetter@smithfieldfoods.com
For Premium Standard Farms:
Steve Lightstone
Premium Standard Farms, Inc.
(816) 472-7675
Media:
Adam Weiner
Kekst and Company
(212) 521-4800
First Call Analyst:
FCMN Contact: adam-weiner@kekst.com
Source: Smithfield Foods, Inc.
CONTACT: Jerry Hostetter of Smithfield Foods, Inc., +1-212-758-2100, jerryhostetter@smithfieldfoods.com; or Steve Lightstone of Premium Standard Farms, Inc., +1-816-472-7675; or Media: Adam Weiner of Kekst and Company,
+1-212-521-4800
