"Smithfield will acquire all of Nathan's Famous shares for $102 each. The company has held the rights to produce Nathan's products in the United States and Canada and at Sam's Club outlets in Mexico since 2014, The Associated Press reported. "The Nathan's Famous acquisition is a meaningful step in the progression of Smithfield Foods allowing us to own all of the top brands in our packaged meats portfolio," Shane Smith, Smithfield CEO and president, said in the statement."
"Nathan's Famous started as a hot dog cart in 1916 by immigrant Nathan Handwerker, with hot dogs sold for a nickel apiece. After opening several locations in the New York metropolitan area through the years, the Handwerker family sold the franchise to investors in 1987, according to the AP. Every July 4, the original Coney Island venue in the New York City borough of Brooklyn hosts its Hot Dog Eating Contest."
Smithfield Foods agreed to buy Nathan's Famous for $450 million in an all-cash transaction, paying $102 per share to acquire all outstanding Nathan's shares. Smithfield has produced Nathan's products in the United States, Canada and at Sam's Club outlets in Mexico since 2014 and said the deal should create about $9 million in annual savings. Nathan's CEO described the transaction as a natural fit that provides compelling valuation for stockholders. Nathan's began as a hot dog cart in 1916, expanded across the New York area, was sold to investors in 1987, and continues to host the annual Coney Island Hot Dog Eating Contest on July 4.
Read at KIRO 7 News Seattle
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