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Smithfield closes stock offering of 21.7M shares
Smithfield Foods closes 21.7 million stock offer at $13.85 per share
SMITHFIELD, Va. (AP) -- Pork processor and hog producer Smithfield Foods Inc. on Tuesday priced its public offering of nearly 21.7 million shares at $13.85 per share.
Underwriters have 30 days to buy up to an additional 3.2 million shares to cover overallotments.
The company plans to use net proceeds for working capital and general corporate purposes.
Morgan Stanley, Goldman Sachs & Co., Barclays Capital and J.P. Morgan are joint bookrunning managers of the offering.
Shares of the company declined 16 cents to $13.68 in afternoon trading.
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