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News Summary: Investor says Smithfield worth more

The Associated Press

ACTIVIST INVESTOR: One of Smithfield Foods Inc.'s largest shareholders says a $4.72 billion takeover bid from China's largest meat producer falls short of what the company would be worth if sold off piece by piece.

PRICEY PORK: New York-based investment firm Starboard Value LP estimated the company's value at $9 billion to $10.8 billion, or about $44 to $55 per share. Under the deal struck last month with Shuanghui International Holdings Ltd., Smithfield will sell itself for $34 per share.

LOOKING FOR BUYERS: Because Smithfield is contractually prohibited from superior offers or contacting others who may be interested in acquiring parts of the company, Starboard said it will seek to "identify and connect any strategic or financial buyers."