Overview
- Smithfield agreed to pay $102 per share in cash, valuing Nathan’s at about $450 million.
- Nathan’s board, which controls nearly 30% of shares, approved the deal and will recommend it to shareholders.
- The companies expect to close in the first half of 2026, pending investor approval, a CFIUS review, and other standard closing steps.
- Smithfield projects roughly $9 million in annual cost savings within two years and locks in perpetual rights to a brand it has licensed since 2014.
- A Smithfield spokesperson said the July 4 Coney Island hot-dog-eating contest will continue, with the buyer operating under China-based parent WH Group.