The acquisition was announced on August 9, 2021. The new company will be known as Wayne-Sanderson Farms.
On Friday, Cargill and Continental Grain Company announced the completion of the previously announced acquisition of Sanderson Farms, Inc. (NASDAQ: SAFM) by a joint venture between Cargill and Continental Grain.
Sanderson Farms’ shareholders are receiving $203.00 per each share of common stock they owned as of immediately prior to the completion of the transaction.
Following the completion of the transaction, Sanderson Farms’ shares will no longer trade on the NASDAQ beginning July 22, 2022.
Joe F. Sanderson, Jr. said it has been an incredible privilege to lead the Sanderson Farms team over the last thirty-three years and to continue his family’s legacy by helping to nourish families across the country.
“I am proud of all we have achieved together, and I am confident that the fairness, honesty and integrity that has been synonymous with the Sanderson Farms name will carry on with Wayne-Sanderson Farms,” Sanderson said.
As a part of the closing of the transaction, Cargill and Continental Grain have combined Sanderson Farms with Wayne Farms, a subsidiary of Continental Grain, forming a new privately held poultry business.
Wayne-Sanderson Farms, the new business, will be headquartered in Georgia. Clint Rivers, currently CEO of Wayne Farms, has been appointed CEO of the new company.
Rivers said that he is honored to lead the new Wayne-Sanderson Farms.
“I am honored to lead the new Wayne-Sanderson Farms, which brings together a talented team with complementary operations and cultures and a strong commitment to employees, farmers and the communities where we operate,” Rivers said. “The new company is ideally positioned to continue to serve customers and consumers with high-quality and affordable products.”
According to a press release, Wayne-Sanderson Farms is operating chicken processing plants and prepared foods plants across Alabama, Arkansas, Georgia, Louisiana, Mississippi, North Carolina, and Texas.
“Wayne-Sanderson Farms is a best-in-class U.S. poultry company with a high-quality asset base, a strong operating culture, and an industry-leading management team and workforce,” the release said. “Wayne-Sanderson Farms has state-of-the-art operations and will continue to invest in its stakeholders, workforce and in employee safety.”
Wayne-Sanderson Farms said that the following contributed and worked on the acquisition:
- BofA Securities acted as the financial advisor to Cargill and Freshfields Bruckhaus Deringer (US) LLP acted as legal counsel.
- Gibson Dunn & Crutcher acted as tax counsel.
- Centerview Partners LLC acted as financial advisor to Sanderson Farms
- Wachtell, Lipton, Rosen & Katz, Fishman Haygood LLP and Brunini, Grantham, Grower & Hewes, PLLC acted as legal counsel.
- Lazard acted as the financial advisor for Wayne Farms and Continental Grain.
- Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel.
- Acting for Cargill and Continental Grain were Arnold & Porter Kaye Scholer LLP as special antitrust counsel and Jones Walker LLP as Mississippi counsel.
Anne Summerhays
