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Starboard Offers Carrot To Banks In Smithfield Fight

Law360, New York (July 12, 2013, 7:56 PM EDT) -- Starboard Value LP, the hedge fund that said Smithfield Foods Inc. might be worth more in pieces than sold whole to a Chinese buyer, has hired financial advisers and offered them a cut of any profits above the $34-per-share merger offer, according to a securities filing Friday.

Starboard, which owns about 5.7 percent of the U.S. pork producer, said it had retained Moelis & Co. and BDA Advisors Inc. to evaluate its argument that Smithfield is worth more split up than the $4.7 billion Shuanghui International Holdings Ltd. is set to pay.

It will pay the two investment banks a share...

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