Smithfield Foods Inc., America's top hog producer and parent of Patrick Cudahy Inc. in Cudahy, is talking turkey with an offer to acquire a majority stake in Butterball LLC.
Murphy-Brown Holdings, a Warsaw, N.C.-based affiliate of Smithfield Foods Inc., has placed a bid to buy a majority stake in Garner, N.C.-based Butterball LLC on Thursday for a price reported to be in the $200 million range.
Murphy-Brown issued a buy-or-sell ultimatum, saying it would either sell its minority stake, or would purchase Maxwell Farms' 51 percent majority stake.
The two are expected to come to an agreement on Butterball by September, with the deal finalized later this year.
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