In accordance with Butterball’s operating agreement, Smithfield’s partner may either accept the offer to sell or be required to purchase Smithfield’s 49% interest and its related turkey production assets.
The company expects to conclude the buy or sell decision no later than September 2010, and close before the end of the calendar year. If Smithfield is the buyer, it will be required to retire Butterball’s debt obligations, which totalled about $215m as of 2 May 2010.
Source: Meatingplace.com
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