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Under the terms of the amended tender offer, the maximum payment amount in the tender offer will be increased from $350.0 million to $450.0 million and the applicable "total consideration" for notes, which includes the early participation payment of $30.00 per $1,000 principal amount of notes, will be paid for all notes validly tendered into the tender offer at or prior to the expiration time (midnight, EST, on Feb. 9, 2011, unless extended) and accepted for purchase by Smithfield Foods pursuant to the terms and conditions of the tender offer.
Previously, the applicable total consideration was available only with respect to those notes validly tendered (and not validly withdrawn) at or prior to the early participation deadline, which was 5:00 p.m., EST, on Jan. 26, 2011. All other terms and conditions of the tender offer remain unchanged. Holders no longer have the right to withdraw their tender of notes.
In the tender offer, the purchase price will be determined in accordance with a modified "Dutch Auction" procedure on the terms and conditions set forth in the offer to purchase, dated Jan.12, 2011, distributed to holders of notes. The tender offer is conditioned upon the satisfaction or waiver of certain conditions as described in the offer to purchase.
