Starboard Says Smithfield Has Drawn Third Party Interest
Starboard Value LP, a Smithfield Foods Inc. (SFD) investor that’s advocating a breakup of the world’s largest pork supplier, said it received interest from third parties for the company’s individual assets.
Starboard is working with the parties, whom it didn’t identify, to form an alternative to Shuanghui International Holdings Ltd.’s $34-a-share offer, the investor said today in a filing.
Starboard, which holds a 5.7 percent stake in the Smithfield, Virginia-based meat processor, said it will vote its shares against Shuanghui’s proposed $4.7 billion acquisition at a Sept. 24 shareholder meeting.
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