Board of Directors of Cal-Maine Foods Votes to Terminate Going-private Transaction

Date : 11/06/2003 @ 2:42PM
Source : PR Newswire
Stock : Cal-Maine Foods (MM) (CALM)
Quote : 35.5  -0.17 (-0.48%) @ 3:50PM
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Board of Directors of Cal-Maine Foods Votes to Terminate Going-private Transaction

Board of Directors of Cal-Maine Foods Votes to Terminate Going-private

Transaction

JACKSON, Miss., Nov. 6 /PRNewswire-FirstCall/ --

At a meeting held November 6,

2003, the Board of Directors of Cal-Maine Foods, Inc. (the "Company") voted to

terminate the going private transaction previously announced. Fred Adams, Jr.,

Chairman and Chief Executive Officer of the Company, stated that the current

unanticipated level of shell egg prices, which are at near record highs, and

recent increases in the price and activity in the Company's common stock make it

extremely difficult to establish a share price which, in the opinion of the

Company, the Special Committee of the Board of Directors, and the Special

Committee's financial advisor, would be fair to both shareholders whose shares

would be purchased in the transaction and those who would remain shareholders

thereafter, particularly the Company shareholders who are employees and

participants in the Company's employee stock ownership plan.

Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing

and sale of fresh shell eggs. The Company, which is headquartered in Jackson,

Mississippi, currently is the largest producer and distributor of fresh shell

eggs in the United States and sells the majority of its shell eggs in

approximately 26 states across the southwestern, southeastern, mid-western and

mid-Atlantic regions of the United States.

Statements contained in this press release that are not historical facts are

forward-looking statements as that term is defined in the Private Securities

Litigation Reform Act of 1995. Such forward-looking statements are subject to

risks and uncertainties (contained in the Company's SEC filings) that could

cause actual results to differ materially from those projected. SEC filings may

be obtained from the SEC or by contacting the Company.

DATASOURCE: Cal-Maine Foods, Inc.

CONTACT: Fred Adams, Jr., Chairman and CEO of Cal-Maine Foods, Inc.,

+1-601-948-6813


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