CHICAGO Dec 2 National Beef Inc, a holding
company that intends to buy a minority stake in the fourth
largest U.S. beef company, said it will have an initial public
offering of 17.25 million shares of common stock, according to
a Securities and Exchange Commission filing on Wednesday.
The initial offering price is expected to be between $15
and $17 per share.
After the IPO, National Beef will be a publicly traded
holding company and has applied to trade on the New York Stock
Exchange under the symbol "NBP", the filing said.
Assuming a mid-point price of $16 per share, the IPO would
raise about $276 million, with proceeds going toward buying up
to 31 percent of National Beef Packing Co LLC. That company's
majority owner now is U.S. Premium Beef LLC, a cattle
National Beef Packing Co LLC has three beef processing
plants and processes about 14 percent of the U.S. cattle. For
the fiscal year ended August 2009, it earned about $142.9
million on sales of about $5.4 billion.
(Reporting by Bob Burgdorfer; Editing by David Gregorio)
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