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Nathan's Famous closes $102-a-share Smithfield merger

The $102.00-per-share cash right also applied to 20,000 vested restricted stock units; the Voting Agreement ended at closing.

(Moderate)

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Nathan's Famous, Inc. completed its merger with Smithfield Foods, Inc. on October 26, 2026, and continued as Smithfield Foods' wholly owned subsidiary. Each outstanding common share was cancelled and converted into the right to receive $102.00 in cash per share, without interest and less applicable withholding taxes.

Executive Chairman Howard M. Lorber's 989,841 beneficially owned shares—719,521 held directly, 250,000 by Lorber Alpha II LP and 20,320 by Lorber Gamma LP—were cancelled for the right to receive cash on those terms. His 20,000 restricted stock units were deemed earned and fully vested, then cancelled for the right to receive $102.00 in cash per underlying share. After closing, Lorber reported no beneficial ownership, and the Voting Agreement terminated upon closing.

Merger consideration per share $102.00 per share Cash consideration at the October 26, 2026 closing
Beneficially owned shares converted 989,841 shares Shares beneficially owned by Howard M. Lorber and converted at closing
Shares held directly 719,521 shares Held directly by Howard M. Lorber
Shares held by Lorber Alpha II LP 250,000 shares Beneficially owned by Howard M. Lorber
Shares held by Lorber Gamma LP 20,320 shares Beneficially owned by Howard M. Lorber
Restricted stock units 20,000 units Held by Howard M. Lorber and vested at the October 26, 2026 closing
Beneficial ownership after closing 0 shares Howard M. Lorber's reported position after the merger
Merger Consideration financial
"without interest and less any applicable withholding taxes (the "Merger Consideration")"
Merger consideration is the total payment a company or buyer offers to shareholders of a target company in exchange for combining the two businesses, and can include cash, shares in the surviving company, debt assumption, or a mix of these. Investors care because the form and amount affect the deal’s value, tax consequences, immediate cash received versus future ownership, and the risk and upside of holding new shares — similar to choosing between cash now or stock that could grow later.
restricted stock units financial
"20,000 restricted stock units held by Mr. Lorber were deemed earned and fully vested"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Voting Agreement regulatory
"The Voting Agreement terminated in accordance with its terms upon the Closing."
A voting agreement is a legally binding pact in which shareholders promise to cast their votes the same way on certain corporate matters, such as electing directors or approving a merger. It matters to investors because it changes who controls company decisions and makes outcomes more predictable—like a group of neighbors agreeing in advance to vote the same way on a community rule, it can strengthen or limit the influence of other shareholders and affect the company’s future direction.
Effective Time regulatory
"At the effective time of the Merger (the "Effective Time")"
The exact clock time when a regulatory filing, approval, or corporate action formally becomes legally active; from that moment the change is binding and can be acted on. Investors care because the effective time marks when ownership, rights, trading rules, or new securities take effect — like a light switch turning on a contract or transaction — which determines when risks, benefits and market reactions begin.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was the NATH merger price per share?

At closing on October 26, 2026, each outstanding NATH common share was cancelled and converted into a right to receive $102.00 in cash, without interest and less applicable withholding taxes. Nathan's Famous continued as a wholly owned subsidiary of Smithfield Foods.

What happened to Howard M. Lorber's NATH shares and restricted stock units?

Lorber's 989,841 beneficially owned shares—719,521 held directly, 250,000 by Lorber Alpha II LP and 20,320 by Lorber Gamma LP—were cancelled for the right to receive $102.00 in cash per share. His 20,000 restricted stock units vested and were cancelled for the right to receive $102.00 in cash per underlying share.

Did the NATH Voting Agreement continue after the merger?

The Voting Agreement among Smithfield Foods, Boardwalk Merger Sub, Nathan's Famous, Howard M. Lorber, Lorber Alpha II LP, Lorber Gamma LP and other signatories terminated in accordance with its terms upon the October 26, 2026 closing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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632347100

(CUSIP Number)
Howard M. Lorber
Nathan's Famous, Inc., One Jericho Plaza
Jericho, NY, 11753
(516) 338-8500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
10/26/2026

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




schemaVersion:


SCHEDULE 13D






SCHEDULE 13D


Howard M. Lorber
Signature:/s/ Howard M. Lorber
Name/Title:Howard M. Lorber/Executive Chairman
Date:10/26/2026

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