Hot dog brand Nathan’s to be sold for $450 million

Pork producer Smithfield Foods on Wednesday said that it will buy hot dog brand Nathan’s Famous for $450 million in cash.

This is a ray of summer in the dreary depths of winter

Smithfield will pay $102 per Nathan’s share, representing a 10% premium to yesterday’s closing price.

• The Virginia-based company in 2014 entered into a licensing deal to make and market “Nathan’s Famous” hot dogs and related products in North America.
• There is no indication that Joey Chestnut is involved in the transaction, but his future checks could come from Smithfield accounts.

“Nathan’s Famous started as a hot dog cart in 1916 by immigrant Nathan Handwerker with $300 borrowed from a pair of then-unknown entertainers, Jimmy Durante and Eddie Cantor, and originally sold the frankfurters for 5 cents.”