SAFM - Sanderson Farms deal closes following U.S. antitrust approval (update)

Update 9:35am : Companies confirm deal closure.

Sanderson Farms ( NASDAQ: SAFM ) was halted for news pending Friday after the poultry producer's sale to Cargill and Continental Grain was completed following U.S. Dept. of Justice approval.

Continental and Cargill confirmed the deal closure in a statement .

On Thursday CTFN reported that Sanderson Farms ( SAFM ) employees were said to have received a memo that the poultry maker a ppears to be preparing for a close of its sale . There's speculation in the poultry community that the U.S. Dept. of Justice is likely to approve the combination in the next few days.

The CTFN news came after the WSJ said on Monday that Cargill Inc. and Continental Grain were reportedly in talks with the Dept. of Justice that may allow the antitrust regulator to approve the the takeover of the chicken producer.

Sanderson Farms closed at $204 Thursday after it had traded above the $203 /share deal since last month as some investors hoped that the transaction would be blocked and SAFM will be valued solely on its fundamentals, which have been improving due to inflation of chicken prices.

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