Smithfield Foods (SFD) announced the launch of a secondary public offering of 16,000,000 shares of common stock of the Company to be sold by SFDS UK Holdings Limited, the principal shareholder of the Company. In addition, the selling shareholder intends to grant the underwriters a 30-day option to purchase up to 2,400,000 additional shares of the Company’s common stock at the public offering price, less underwriting discounts and commissions. The Company is not selling any shares of common stock in the offering and will not receive any proceeds from the sale of the shares by the selling shareholder, including from any exercise by the underwriters of their option to purchase additional shares. Morgan Stanley, BofA Securities and Barclays are acting as joint lead book-running managers for the proposed offering.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SFD:
- Smithfield Foods files to sell 16M shares of common stock for holders
- Smithfield Foods price target raised to $30 from $28 at Barclays
- Smithfield Foods price target raised to $28.50 from $25 at UBS
- Smithfield Foods price target raised to $30 from $29 at Morgan Stanley
- Smithfield Foods: Strong Performance and Strategic Execution Support Buy Rating