Sanderson Farms jumped 11% to $ 184.7 at Wall Street opening as America’s third-largest chicken producer studies the possibility of a sale, the Wall Street Journal reported. Citing people familiar with the matter, the WSJ says the company hired Centerview Partners to advise it. Continental Grain, which owns Wayne Farms, the sixth largest chicken producer in the United States, is said to be particularly interested in Sanderson, whose market capitalization now exceeds $ 4 billion.
Demand for chicken breasts, wings and other poultry products soared with the lifting of pandemic restrictions and the reopening of restaurants, boosting sales and prices.
Speculation on the title is all the stronger as Joe Sanderson, the CEO, has said he will be the last member of the family to run the company, with his daughters unwilling to do so. However, executives have expressed concern in the past that the company is undervalued. In October, the company said it had rejected an unsolicited bid from Durational Capital Management.
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