Smithfield wins battle for Schneider

Article Abstract:

The Schneider family has verified that it is selling its controlling stake in Schneider Corp., a food products firm based in Kitchener in Ontario, Canada, to Smithfield Foods Inc., a hog butcher based in Virginia. In October 1998, the Ontario Court of Appeal practically upheld the family's decision to lock up its shares to Smithfield's offer, which would exchange 0.5415 of a Smithfield share for each Schneider share. Although the offer was equivalent to buying Schneider shares at C$25 each at the time it was tendered, declining market conditions reduced the bid to only C$19 per Schneider share. This compares to a C$29-per-share offer from Maple Leaf Foods Inc., which previously launched a hostile C$19-per-share bid for Schneider before increasing its offer twice to reach the current level.

Comment:

Gets acknowledgement from Schneider family that they will sell their controlling stake in Schneider Corp via Smithfield's bid

United States, Food & Kindred Products, Food Manufacturing, Meat Products, Schneider Corp., Smithfield Foods Inc

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Takeover battle for Schneider still in doubt

Article Abstract:

Shareholders of Schneider Corp. of Kitchener, Ontario, need to decide between the takeover bids submitted by Smithfield Foods Inc. of Virginia and Maple Leaf Foods Inc. of Toronto, Ontario. All three firms, which are run by the Schneider, Joseph Luter and Wallace McCain families respectively, are in the hog slaughtering business. First Associates Investments Inc. analysts Michael Palmer noted that the acquisition battle became more difficult after it started to involve litigation because all the parties involved are committed to their plans.

Comment:

Is battling with Smithfield Foods Inc of VA to acquire Schneider Corp of Ontario

Virginia, Foreign operations, Pork, Fresh & Frozen, Frozen meat, Pork, Smithfield Foods Inc., Maple Leaf Foods Inc., Schneider Corp. (Ontario, Canada)

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