Starboard Says It May Have Alternate Buyers For Smithfield

Law360, New York (September 3, 2013, 1:43 PM EDT) -- Activist hedge fund Starboard Value LP said Tuesday that it may have found bidders for Smithfield Foods Inc. willing to pay more than the $7.1 billion offered by a Chinese buyer, stirring the pot as a shareholder vote approaches.

The news comes during a critical week for the deal, as buyer Shuanghui International Holdings Ltd. locks down $4 billion in debt and awaits a Friday deadline for national security approval from Washington.

Virginia-based Smithfield agreed in May to sell itself to Shuanghui for $34 per share,...
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