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Article: Hampton Roads, nation and world.(Front)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- September 18, 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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Smithfield boosts its stock offering
Smithfield Foods Inc. announced Thursday that it has increased its common-stock offering by $50 million, to $300 million, and priced the offering of 21.7 million shares at $13.85 a share.
Smithfield had announced Monday that it was offering $250 million of shares of common stock to accumulate capital and retire debt. The announcement of the stock offering triggered the resignation from Smithfield's board of Paul Fribourg, chairman and CEO of Continental Grain Co., a major Smithfield shareholder.
According to a Smithfield news release, Fribourg "did not believe that an offering of this magnitude was necessary ...