Smithfield Buys America’s Most Famous Hot Dog – Merger Arbitrage Mondays

Nathan’s Famous, Inc. (NATH): $100.75

Market Cap: $412.02M

Deal Size: $450M

U.S. pork processor Smithfield Foods, Inc. (SFD) entered a merger agreement on January 21, 2026, to acquire century-old Nathan’s Famous in an all-cash deal valued at $450 million, adding the most iconic U.S. hot dog brand to its portfolio.

Smithfield will acquire all of Nathan’s Famous’ issued and outstanding shares for $102 per share in cash, representing a premium of 10% to the stock’s last close.

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