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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