Sanderson Farms employees have a new corporate direction.
The sale of the company announced last August has been finalized.
Sanderson Farms is now part of a private company owned by Cargill and Wayne Farms, which is a subsidiary of Continental Grain.
Sanderson Farms shareholders received $203 per share for their shares.
The purchase price has not been announced.
Friday’s announcement came as Bryan police continued their presence at the local Sanderson Farms plant following the threat of a shooting on Thursday.
Press release from Sanderson Farms, Cargill and Wayne Farms:
MINNEAPOLIS and NEW YORK – July 22, 2022 – Cargill and Continental Grain Company today announced the completion of the previously announced acquisition of Sanderson Farms, Inc. (NASDAQ: SAFM) through a joint venture between Cargill and Continental Grain. The acquisition was announced on August 9, 2021.
Sanderson Farms shareholders receive $203.00 for each common share they held immediately prior to the closing of the transaction. Following the completion of the transaction, shares of Sanderson Farms will no longer trade on NASDAQ effective July 22, 2022.
As part of the closing of the transaction, Cargill and Continental Grain combined Sanderson Farms with Wayne Farms, a subsidiary of Continental Grain, forming a new privately held poultry business. The new company, named Wayne-Sanderson Farms, will be headquartered in Oakwood, Georgia. As previously announced, Clint Rivers, currently CEO of Wayne Farms, has been named 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 the employees, farmers and communities where we operate. The new company is uniquely positioned to continue to serve customers and consumers with high quality and affordable products.
Wayne-Sanderson Farms is a leading US poultry company with a high-quality asset base, strong operating culture, and industry-leading management team and workforce. Operating chicken processing plants and prepared food plants in Alabama, Arkansas, Georgia, Louisiana, Mississippi, North Carolina and Texas, Wayne-Sanderson Farms has state-of-the-art operations and will continue to invest in its stakeholders, workforce and employee safety.
Joe F. Sanderson, Jr. said, “It has been an incredible privilege to lead the team at Sanderson Farms for the past thirty-three years and to continue my family’s legacy by helping to feed families across the country. I am proud of all that we have accomplished together and I am confident that the fairness, honesty and integrity that has been synonymous with the Sanderson Farms name will continue with Wayne-Sanderson Farms.
BofA Securities acted as financial advisor to Cargill and Freshfields Bruckhaus Deringer (US) LLP acted as legal advisor. Gibson Dunn & Crutcher acted as tax advisor. Centerview Partners LLC acted as financial advisor to Sanderson Farms and Wachtell, Lipton, Rosen & Katz, Fishman Haygood LLP and Brunini, Grantham, Grower & Hewes, PLLC acted as legal advisor. Lazard acted as financial advisor to Wayne Farms and Continental Grain, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor. Arnold & Porter Kaye Scholer LLP as special antitrust attorney and Jones Walker LLP as Mississippi attorney also acted for Cargill and Continental Grain.
Cargill’s 155,000 employees in 70 countries work tirelessly to achieve our goal of feeding the world in a safe, responsible and sustainable way. Every day, we connect farmers to markets, customers to ingredients, and people and animals to the food they need to thrive. We combine 156 years of experience with new technology and knowledge to serve as a trusted partner for food, agriculture, finance and industrial customers in more than 125 countries. Together, we are building a stronger and more sustainable future for agriculture.
About Continental Grain Company
Continental Grain is a global private investor, business owner and operator with more than 200 years of food and agribusiness history. She creates long-term value by applying deep industry knowledge, capital and talent to companies ranging from established market leaders to up-and-coming innovators, working alongside trusted partners and supporting teams of solid leadership. He brings a long-term ownership mindset, focusing on investment and operating plans that create lasting value and a sustainable, efficient and nutritious food supply chain. Continental Grain brings together people, ideas and resources to create the businesses that will feed the world.