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SMITHFIELD FOODS, INC., SELLS COMMON STOCK IN PRIVATE TRANSACTION

SMITHFIELD FOODS, INC., SELLS COMMON STOCK IN PRIVATE TRANSACTION
 SMITHFIELD, Va., Sept. 15 /PRNewswire/ -- Joseph W. Luter III, chairman, president and chief executive officer of Smithfield Foods, Inc. (NASDAQ-NMS: SFDS), today announced that the company had completed the private sale of 1 million shares of common stock to Carroll's Foods, Inc., a large North Carolina hog producer.
 In payment for the stock, the company received a 90-day prime rate secured note in the principal amount of $16,750,000, representing a purchase price of $16.75 per share. This per share price accords with the highest asked price for the company's common stock on the NASDAQ National Market System on Sept. 3, 1992, the date as of which the parties entered into the related stock purchase agreement.
 Upon payment in full of the note, Carroll's Foods will be entitled to exercise certain registration rights in respect of the newly issued shares and an additional 861,000 shares which it currently owns. After giving effect to this transaction, Carroll's Foods holds approximately 11.6 percent of the company's outstanding shares of common stock.
 -0- 9/15/92
 /CONTACT: Aaron D. Trub of Smithfield Foods, 202-223-4224/
 (SFDS) CO: Smithfield Foods, Inc.; Carroll's Foods, Inc. ST: Virginia, North Carolina IN: FOD SU:


KD-TW -- DC012 -- 9627 09/15/92 12:12 EDT
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Publication:PR Newswire
Date:Sep 15, 1992
Words:218
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