$4.7B Bid for Virginia's Smithfield Foods by Chinese Firm

Shuanghui International Holdings Ltd, a Chinese Meat processing company has approved a move to purchase Smithfield Foods at a cost of US$4.72 Billion. This will make the global leader in pork production private. 
Shareholders of Smithfield will receive $34 a share under terms of the deal announced Wednesday -- It is reported that share holders will get $34 per share as by terms of the agreement on Wednesday. A 31 percent premium to the Smithfield, Va., company's closing stock price Tuesday of $25.97

Involved companies’ boards have confirmed the transaction unanimously, though the deal still awaits approval from Smithfield’s shareholders. The committee on Foreign Investment could also have to review the transaction

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