Deals
Smithfield Investor Urges Hog Producer to Consider Breakup
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Smithfield Foods Inc., the hog producer that’s agreed to a $4.7 billion bid from Shuanghui International Holdings Ltd., was urged by activist investor Starboard Value LP to consider splitting itself up instead.
A breakup may value the world’s largest hog and pork producer at about $44 to $55 a share, the investor, which said it holds a 5.7 percent stake in the company, wrote in a letter to Smithfield’s board yesterday. Hong Kong-based Shuanghui agreed in May to pay $34 a share for the Smithfield, Virginia-based company.