KITCHENER, ONTARIO - Schneider Corporation announced that it has received the decision of the Ontario Court of Appeal affirming the earlier decision of the Ontario Court (General Division), which dismissed all claims against Schneider Corporation, its directors and members of the Schneider family in relation to an April, 1998 trial of actions brought by Maple Leaf Foods and certain non-voting class A shareholders.
Schneider Corporation also announced today that it has received the previously announced offers by Smithfield Foods, Inc. (Nasdaq:SFDS - news) for any and all of the common shares and class A shares of Schneider Corporation. The board of directors, its special committee of independent directors and their financial and legal advisors are reviewing the Smithfield offers and will communicate with shareholders not later than October 29, 1998 as required by law.
In view of these two events, Schneider Corporation urges shareholders not to take any actions with respect to their shares until they have received further communication from their board of directors.
Schneider Corporation is one of Canada's largest producers of premium quality foods products. Through its operating companies, Schneider manufactures and sells a wide variety of processed meat, fresh pork, poultry and grocery products from manufacturing facilities in Kitchener, Guelph, Toronto, Hanover, St. Marys, Ayr and Port Perry, Ontario; St-Anselme, Princeville and Drummondville, Quebec; Winnipeg, Manitoba and Surrey, British Columbia.
Meat Industry Insights News Service
P.O. Box 553
Northport, NY 11768
Phone: 631-757-4010
Fax: 631-757-4060
E-mail: sflanagan@sprintmail.com
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