McLennan Co, Tx (FOX44) – Cargill and Continental Grain Company have announced the completion of the previously-announced acquisition of Sanderson Farms.
This comes as a joint venture between Cargill and Continental Grain. Sanderson Farms shareholders are receiving $203 per each share of common stock they owned, as of immediately prior to the completion of the transaction.
As of Friday, Sanderson Farm shares will no longer be traded on NASDAQ.
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 named Wayne-Sanderson Farms, and headquartered in Oakwood, GA.
As previously announced, Clint Rivers, currently CEO of Wayne Farms, has been appointed CEO of the combined company.
Mr. Rivers said, “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. The new company is ideally positioned to continue to serve customers and consumers with high-quality and affordable products.”
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 my 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.”