(Reuters) -Commodities trader Cargill Inc and agricultural investor Continental Grain Co will buy chicken producer Sanderson Farms Inc for $4.53 billion, the companies said on Monday, at a time when meat prices have been soaring due to strong demand. Cargill and Continental Grain will pay Sanderson Farms shareholders $203 apiece, representing a premium of about 11% to the stock’s closing price on Friday. Shares of Sanderson Farms rose 8% to $196.65 in premarket trading on Monday. Sanderson Farms, which sells frozen chicken to several U.S. retailers and restaurants, processed over 4.8 billion pounds of meat in fiscal 2020. Last year, Sanderson Farms rejected an unsolicited takeover offer of $142 per share from investment firm Durational Capital Management.

Source: MetroXpress August 09, 2021 12:02 UTC