Sanderson Farms Inc. is nearing a deal to sell itself for around $4.5 billion, according to people familiar with the matter, as the poultry giant rides a...
Sanderson Farms Inc. is nearing a deal to sell itself for around $4.5 billion, according to people familiar with the matter, as the poultry giant rides a wave of demand for chicken products.
Sanderson SAFM, +0.59% is in advanced talks with Cargill Inc. and agricultural-investment firm Continental Grain Co., which owns a smaller chicken processor, the people said. The deal could be finalized by Monday, they said. It would value Sanderson at $203 a share, about 30% above the price before The Wall Street Journal reported in June that the company had attracted interest from suitors including Continental.
Mississippi-based Sanderson is the country’s third-biggest chicken producer. It runs 13 poultry plants from North Carolina to Texas, processing about 13.6 million chickens a week. The company supplies grocery chains including Walmart Inc. WMT, -0.18% and Albertsons Cos. ACI, +6.09% as well as restaurant distributors like Sysco Corp. SYY, +0.54% and U.S. Foods Holding Corp. USFD, +1.58%.
Combining Sanderson with Georgia-based Wayne Farms LLC, a poultry company owned by Continental, would form a new competitor representing about 15% of U.S. chicken production, according to data from Watt Poultry USA. Tyson Foods Inc. TSN, +1.40% leads the industry with about one-fifth of the market, while Pilgrim’s Pride Corp. PPC, +1.29% represents about 16% of the national total.When Amazon customers leave negative reviews, some sellers hunt them down.
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