M&A · Industrials · Retail-Eating Places
Smithfield Foods Inc to acquire Nathans Famous, Inc.
Announced Jan 21, 2026 · Closed Oct 26, 2026
Deal value$450MEV $450M
Premium8.0%To unaffected price
EV / Adj. EBITDA12.7x2.9x EV / Revenue
ConsiderationAll cash$102.00 per share
Transaction
- Acquirer
- Smithfield Foods Inc (SFD)
- Target
- Nathans Famous, Inc. (NATH)
- Buyer type
- Strategic
- Offer price per share
- $102.00
- Enterprise value
- $450M
- Status
- Closed Oct 26, 2026
Deal protections
- Break fee (target pays)
- $10.6M · 2.4%
- Reverse fee (buyer pays)
- $7.4M · 1.6%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Jefferies
- Jefferies fee
- $9.6M
Sector context · Industrials
- Comparable deals
- 93 in the prior 24 months
- Premium
- 8.0% vs. 37.5% sector median
- EV / Adj. EBITDA
- 12.7x vs. 9.9x sector median
- Break fee
- 2.4% vs. 2.6% sector median
Timeline
- AnnouncedJan 21, 2026
- Proxy filedMar 6, 2026
- Definitive proxySep 24, 2026
- Shareholder voteOct 23, 2026
- ClosedOct 26, 2026
Valuation · fairness opinions
Trading comparables$57.55$78.60
Trading comparables$65.70$90.80
Precedent transactions$61.80$86.80
Discounted cash flow$95.35$124.60
Offer $102.00
Implied value per Nathans Famous, Inc. share by analysis, from Jefferies.