Smithfield Breakup Worth More Than $7B Sale, Starboard Says

Law360, New York (June 17, 2013, 12:38 PM EDT) -- An activist hedge fund that holds a substantial stake in Smithfield Foods Inc. on Monday pressed the meat producer to consider splitting itself apart rather than proceeding with plans for its $7 billion sale to Chinese meat company Shuanghui International Holdings Ltd.

New York-based Starboard Value LP told Smithfield's board in a letter that the company — the world's biggest hog farmer and pork processor — would unlock more value if it divided itself into three parts and sold them off individually. Starboard proposed that Smithfield...
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