Smithfield shareholder to oppose China deal
A Smithfield Food shareholder, Sharboard Value LP, has announced that it will vote against the deal with Shuanghui International Holdings when it is put to Smithfield shareholders for approval on September 24th.
Starboard Value LP, a New York investment firm that owns 5.7% of Smithfield Foods' common stock, said it wants Smithfield to take more time to look for other offers that would provide greater shareholder value.
According to reports by the Associated Press, Starboard Value hopes that by announcing its opposition to the deal it may encourage Smithfield to postpone the vote.
However, if the vote to approve the deal passes the acquisition is expected to be completed by the end of 2013.
Meanwhile Smithfield has announced that the deal has received approval from the Committee on Foreign Investment in the United States (CFIUS). They have also received governmental merger clearance in Ukraine.
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