This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Leucadia National Corporation Announces Agreement To Acquire Control Of National Beef And Declares $0.25 Per Share Cash Dividend

Leucadia National Corporation (NYSE: LUK) announced today that it has entered into a membership interest purchase agreement with National Beef Packing Company, LLC (“National Beef”) and its members, pursuant to which Leucadia will acquire 78.95% of National Beef for a net aggregate cash purchase price of $867.9 million to be paid from Leucadia’s available cash and investments. National Beef is one of the largest beef processing companies in the Unites States. National Beef processes, packages and delivers fresh and frozen beef and beef by-products for sale to customers in the U.S. and international markets. National Beef’s products include boxed beef, ground beef, hides, tallow and other beef and beef by-products. In addition, National Beef sells value-added beef products including branded boxed beef, case-ready beef, portion control beef and further processed hides. National Beef markets its products to retailers, food service providers, distributors, further processors and the U.S. military.

The current owners of National Beef, U.S. Premium Beef, LLC, NBPCo Holdings, LLC and Timothy Klein, National Beef’s Chief Executive Officer, will continue as minority owners of National Beef after consummation of the transaction. For additional information concerning National Beef, see its filings with the Securities and Exchange Commission, which may be found at www/sec/gov.

Completion of the transactions contemplated by the purchase agreement is subject to certain customary closing conditions, including, among other things, expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and approval by the members of USPB. The board of directors of USPB has approved the purchase agreement and has agreed to recommend that USPB’s members approve the transaction.

Leucadia expects to complete the transactions by the end of 2011 and anticipates that following consummation of the transaction, National Beef will continue to operate in the same manner and with the same management as is currently in place.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs