Starboard to delay proposed Shuanghui-Smithfield merger [05 September 2013] Smithfield Foods investors were told that they could be paid “substantially” more than the USD 34/share, or USD 4.7 billion Shuanghui International Holdings proposes. Starboard Value LP, a New York-based fund that holds a 5.7% stake in Smithfield, said the proposed merger undervalues the company. The fund said it will on September 24 vote against the takeover, giving it time to come up with an alternative proposal at a superior price for shareholders. Starboard said it would ultimately vote in favour of the deal if an alternative offer fails to materialise. Shuanghui, meanwhile, said it had secured a USD 4 billion loan from a consortium of eight banks, part of the financing it needs to acquire Smithfield. Shuanghui Chairman Wan Long said earlier that the financial support and trust of banks in China and elsewhere is encouraging.
Posted on: Thu, 05 Sep 2013 01:47:05 +0000
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