Starboard Drops Opposition To $7B Smithfield Takeover

Law360, New York (September 20, 2013, 10:42 AM EDT) -- Activist hedge fund Starboard Value LP dropped its campaign against a Chinese meat processor's $7.1 billion takeover of Smithfield Foods Inc., saying in a Friday securities filing that it could not cobble together bids from rival suitors to outmatch the proposed purchase price.

Starboard had insisted for months that the $34-per-share buyout by China's Shuanghui International Holdings Ltd. — amounting to $4.9 billion plus assumed debt — undershot the true value of Smithfield, the world's largest pork producer. The hedge fund had contended the Virginia company...
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