Cargill and Continental Grain’s purchase of Sanderson Farms comes as U.S. chicken prices and the producer’s stock are on a roll. Boss Joe Sanderson has no family interested in taking over, which serves as one more nudge for a sale, richardbeales1 says.
Chicken producer Sanderson Farms on Aug. 9 agreed to be bought for $4.5 billion by commodities trader Cargill and agribusiness investment firm Continental Grain.
Cargill and Continental Grain are paying $203 per Sanderson Farms share in cash, representing a premium of about 30% to the stock’s closing price on June 18, the last trading day before news of a potential deal was reported in the Wall Street Journal. 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.Chickens drink water at Gifted Grass Farm in Chippewa Lake, Ohio, U.S., May 7, 2020 as the coronavirus disease outbreak continues.
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