Glass Lewis Joins ISS in Supporting Proposed Smithfield-Shuanghui Transaction
"[W]e believe the proposed transaction is favorable and recommend that shareholders support this proposal. Accordingly, we recommend that shareholders vote FOR this proposal." *As previously announced on September 12, 2013, ISS also recommends that Smithfield shareholders vote "FOR" the proposed strategic combination. ISS stated in its September 11, 2013 report:
"The $34.00 per share cash offer provides shareholders with a considerable and certain premium to the company's standalone trading price. The certainty of the deal's closure has also improved considerably over the last several months, as Shuanghui secured its committed financing and the merger received regulatory approval under HSR and CFIUS. Given the board's eagerness to consummate the merger before year end, the receipt of the consideration in the near future appears increasingly certain."*The ISS report also stated:
"ISS recommends that clients vote FOR the merger with Shuanghui in light of the considerable premium offered by the deal and the certainty of value provided by the all-cash consideration."*The special meeting of Smithfield shareholders is scheduled for Tuesday, September 24, 2013, at 9:00 a.m. Eastern Time. The meeting will be held at McGuireWoods LLP at One James Center, 901 East Cary Street, Richmond, Virginia. All shareholders of record of Smithfield's common stock as of the close of business on August 5, 2013, will be entitled to vote their shares at the meeting either in person or by proxy.