July 12 Activist shareholder Starboard Value LP
said on Friday it hired financial advisers to explore
alternative deals for Smithfield Foods Inc., which in
late May agreed to a $4.7 billion sale to Hong Kong-based
Shuanghui International Holdings.
Starboard, a New York-based hedge fund that is Smithfield's
largest shareholder, disclosed in a regulatory filing that it
had hired Moelis & Co. and BDA Advisors Inc. in its effort.
Starboard in June disclosed a 5.7 percent stake in
Smithfield, the world's biggest pork processor, and said
Smithfield could be worth 29 percent to 64 percent more than the
$34 per share offered by Shuanghui if it split up and shopped
its hog production, pork and international units separately [ID:
Representatives from Smithfield and Shuanghui declined to
comment. The Smithfield-Shuanghui deal would mark the
largest-ever takeover of a U.S. company by a Chinese firm.
Earlier on Friday, Smithfield said the required waiting
period has expired under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 in connection with its planned sale to
Shuanghui. Smithfield expects the deal to close in the second
half of 2013.
Smithfield shares were up 0.6 percent at $33.10 in extended
trading on Friday.