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Smithfield Foods Acquires Nathan’s Famous in $450M Deal
Smithfield Foods, Inc. and Nathan’s Famous, Inc. have officially announced a definitive merger agreement under which Smithfield Foods will acquire all issued and outstanding shares of Nathan’s Famous for $102.00 per share in cash. The deal, which reflects an enterprise value of approximately $450 million, will be completed using Smithfield’s existing cash reserves.
Smithfield Foods has held exclusive licensing rights for the Nathan’s Famous brand in foodservice and retail channels since March 2014. With this acquisition, Smithfield secures those rights permanently, providing an opportunity to further expand and invest in the Nathan’s brand across both retail and foodservice markets.
Eric Gatoff, CEO of the Jericho, NY-based Nathan’s Famous, expressed confidence in the merger, stating, “This combination is a natural fit and provides a compelling valuation for Nathan’s Famous stockholders. As a longtime partner, Smithfield has demonstrated an outstanding commitment to investing in and growing our brand while maintaining the utmost quality and customer service standards.”
Founded in 1916 by Nathan Handwerker, Nathan’s Famous began as a single hot dog stand in Coney Island. It has since grown into a nationally recognized brand with a mix of company-owned and franchised restaurants.
Photo: The original Nathan’s Famous in Coney Island. Photo credit: Ajay Suresh.
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