Smithfield deal under fire

Investor's Business Daily

One of the U.S. pork producer's largest shareholders, New York investment firm Starboard Value, said it plans to vote against the proposed takeover by China's Shuanghui Int'l. The proposed $4.7 bil deal, which would be the largest acquisition ever of a U.S. company by a Chinese firm, is slated for a shareholder vote Sept. 24. Starboard, which owns about 5.7% of Smithfield Foods' (SFD) stock, said it wants more time to look for counter-offers. Shares rose 0.5% to 33.68.

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