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Article: Smithfield Foods Inc. board member quits in protest of offering.(Front)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- September 16, 2009
CopyrightCOPYRIGHT 2009 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Philip Walzer
The Virginian-Pilot
An influential member of Smithfield Foods Inc.'s board of directors has resigned in protest of the company's recently announced $250 million stock offering, Smithfield said Tuesday.
The board member, Paul Fri-bourg, "advised the company that he did not believe that an offering of this magnitude was necessary at this time, given his confidence in the future performance of the company and the attendant dilution to all shareholders," Smithfield said in a news release.
Smithfield said Monday that it would sell $250 million in common-stock shares. The company said it will use the proceeds for "working ...