Smithfield’s largest shareholder Starboard Value LP has reversed its decision to vote against the company’s takeover by Shuanghui International Holdings Ltd. after failing to find an alternate bidder. Starboard has argued that the shareholders would be better served if Smithfield sold its various divisions separately. After failing to find alternate interested parties Starboard has announced it will agree to the $7.1 billion takeover of Smithfield by Shuanghui at the vote being held Tuesday September 24th. Starboard owns 5.7% of Smithfield’s common stock.
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