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Smithfield Foods to be Acquired by Shuanghui Following Continental Grain Campaign

Following an extended campaign by Paul, Weiss client, Continental Grain Corp., urging Smithfield Foods, Inc. to improve operations and explore opportunities to realize shareholder value, Smithfield announced a definitive agreement to be acquired by Shuanghui International Holdings Limited. The transaction with Shuanghui, the majority shareholder of China's largest meat processing company, would pay $34 per share. That price reflects an approximate 31% premium over Smithfield's closing stock price on May 28, 2013, and an approximate 52% premium over the closing stock price on March 6, 2013, the day before Continental Grain publicly issued a memo to the Smithfield Board advocating changes to enhance shareholder value. In April 2013, Continental had announced its intention to nominate a slate of proposed directors for election at the Smithfield 2013 Annual Meeting. The Shuanghui announcement came three days prior to the deadline for submitting nominations. On Monday, June 3, Continental Grain announced that, in light of the announced transaction, it had determined to exit its investment in Smithfield.

The Paul, Weiss team representing Continental included corporate partners Robert Schumer, Steven Williams and Raphael Russo and counsel Richard Elliott and Edward So; and litigation partners Joseph Simons and Stephen Lamb.

May 29, 2013

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