Cargill, Continental Grain to acquire Sanderson Farms

Cargill, Continental Grain Company, and Sanderson Farms, Inc. (NASDAQ: SAFM) announced today they have reached a definitive agreement for a joint venture between Cargill and Continental Grain to acquire Sanderson Farms for $203 per share in cash, representing a total equity value for Sanderson Farms of $4.53 billion.

Upon completion of the transaction, Cargill and Continental Grain will combine Sanderson Farms with Wayne Farms, a subsidiary of Continental Grain, to form a new, privately held poultry business.  Fishman Haygood LLP is serving as co-counsel to Sanderson Farms together with Wachtell, Lipton, Rosen & Katz.  Fishman Haygood’s team is led by partners Louis Fishman and Maureen Gershanik. A copy of the press release announcing the transaction is attached here.