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U.S. Premium Beef, LLC, unitholders vote to approve agreement to sell National Beef Packing Company, LLC to JBS S.A.U.S. Premium Beef, LLC March 14 announced that its unitholders overwhelmingly voted to approve the sale of National Beef Packing Company, LLC to JBS S.A. "Our unitholders, with more than 90 percent approval, have strongly stated they support our Board of Directors' and management's recommendation to approve our agreement with JBS," Steve Hunt, CEO of USPB, announced at a special meeting of unitholders March 14. "Our unitholders view this as a tremendous opportunity for heir company and all producers who have marketed, or may want to market cattle through USPB in the future. "Our unitholders told us they want to position USPB to prosper for future generations, and they see combining our processing company, National Beef, with JBS as an opportunity to do just that," Hunt added. "At the top of their list was maintaining the principles our company was founded on which includes our access to value-added markets, quality based pricing and ownership in processing. Those principles will continue through USPB well into the future with JBS." Under the terms of the agreement, JBS will acquire all of the outstanding membership interests of National Beef in exchange for JBS stock and cash. In addition, JBS will assume all of National Beef's debt and other liabilities at closing. USPB's portion of the total proceeds will be approximately $65 million in JBS common stock and $261 million in cash. The sale will combine all of National Beef's operations and facilities, including National Carriers, Inc. and its ownership in Kansas City Steak Company, LLC with JBSSwift's beef operations. National Beef President Tim M. Klein will become President and Chief Operating Officer of the joint National Beef/JBS-Swift beef operations. "We are pleased with the confidence our unitholders have shown in charting an exciting course for our company's future, which we believe will benefit the U.S. beef industry as well as our company and our producers," Hunt said. "The U.S. beef industry is fortunate to have such a dynamic company as JBS to partner with. JBS is committed to be in the United States long term and will contribute greatly to the U.S. beef industry's ability to produce and market quality products domestically and internationally." The transaction is subject to certain conditions and will require customary regulatory approvals. 3/24/08 Advertisement
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