NEW YORK (WPIX) — Smithfield Foods has bought the iconic New York hot dog brand, Nathan’s Famous.
The $450 million all-cash deal means Smithfield will acquire all of Nathan’s outstanding shares at $102 per share. Smithfield has held the rights to produce and sell Nathan’s products in the U.S. and Canada since 2014.
Polish immigrant Nathan Handwerker opened the first Nathan’s hot dog stand in Coney Island in 1916, according to the company. Since then, the company has expanded to include locations in 27 states and Washington, D.C…