"Smithfield Foods has bought the iconic New York hot dog brand, Nathan's Famous. The $450 million all-cash deal means Smithfield will acquire all of Nathan's outstanding shares at $102 per share. Smithfield has held the rights to produce and sell Nathan's products in the U.S. and Canada since 2014. Polish immigrant Nathan Handwerker opened the first Nathan's hot dog stand in Coney Island in 1916, according to the company. Since then, the company has expanded to include locations in 27 states and Washington, D.C."
"However, the notability of the Coney Island boardwalk iconography as host of the annual hot-dog-eating contest may stand above all else. Does the sale of Nathan's Famous mean we've reached the end of the iconic July 4 hot dog-eating contest in Coney Island? Thankfully, no. According to Smithfield, the event will continue to be hosted at 1229 Boardwalk in Brooklyn as it has since the early 20th Century. While the first recorded hot dog-eating contest was held in 1972, Nathan's says informal contests began the year the stand opened early in the 20th century."
Smithfield Foods bought Nathan's Famous for $450 million in an all-cash deal, acquiring all outstanding shares at $102 per share. Smithfield previously held the rights to produce and sell Nathan's products in the U.S. and Canada since 2014. Nathan Handwerker opened the first Nathan's hot dog stand in Coney Island in 1916; the company now operates in 27 states and Washington, D.C. The Coney Island hot-dog-eating contest will continue to be hosted at 1229 Boardwalk in Brooklyn. Joey Chestnut is the reigning champion after eating 70.5 hot dogs last year. The merger announcement did not mention the future of all Nathan's locations. Smithfield did not immediately respond to a request for comment.
Read at The Hill
Unable to calculate read time
Collection
[
|
...
]