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News Summary: Firm to vote against Smithfield sale

Published on NewsOK Modified: September 3, 2013 at 1:32 pm •  Published: September 3, 2013

THE NEWS: One of Smithfield Foods Inc.'s largest shareholders, New York-based investment firm Starboard Value, said Tuesday that it plans to vote against the pork producer's proposed takeover by China's largest meat producer because it wants more time to seek other offers.

THE DEAL: Smithfield agreed to sell itself to Shuanghui International Holdings Ltd. for $34 per share, or $4.7 billion. Smithfield has scheduled a Sept. 24 meeting in Richmond to vote on the proposal.

OTHER OFFERS: Starboard says it has received written interest from other parties to buy Smithfield's assets at a higher value. Smithfield did not immediately provide comment on the Starboard letter.