Sanderson Farms, Inc. (NASDAQ:SAFM) has announced the closing of its public offering. The offering was for 2,300,000 shares of the company’s common stock. It included 300,00 shares which were offered to the underwriters of the offering to cover over-allotments. The shares were offered at a price of $53.00 per share. The net proceeds of the offering will be used to finance the construction of the company’s new retail poultry complex and a new big bird poultry complex. The joint book running mangers of the offering were Morgan Stanley and JP Morgan. Co-managers were BMO Capital Markets and Stephens, Inc.
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Sanderson Farms, Inc. (Sanderson Farms) is a fully integrated poultry processing company engaged in the production, processing, marketing and distribution of fresh and frozen chicken products. The Company sells ice pack, chill pack, bulk pack and frozen chicken, in whole, cut-up and boneless form, primarily under the Sanderson Farms brand name to retailers, distributors and casual dining operators principally in the southeastern, southwestern, northeastern and western United States, and to brokers who resell frozen chicken into export markets. During the fiscal year ended October 31, 2009 (fiscal 2009), Sanderson Farms processed 397 million chickens, or over 2.426 billion dressed pounds.
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