Sunday, 26 April 2015
Last updated 1 day ago
Jun 18 2013 | 10:30am ET
Smithfield Foods' takeover by China's Shuanghui International Holdings has a new opponent.
The $4.7 billion deal—the largest-ever takeover of a U.S. company by a Chinese company—has already raised concerns from politicians. Now, it's earned the ire of activist hedge fund Starboard Value, which wants to see Smithfield split up, rather than sold.
Starboard said the company should be split into three companies, a move it said would make it worth as much as $21 per share more than Shuanghui has offered. In a letter to Smithfield, Starboard criticized the company for not seeking bidders for its parts, saying it sees suitors for them.
Starboard's plan would break the pork-production giant into pork production, hog farming and international sales companies.
Smithfield said it would review Starboard's letter. Starboard owns 5.7% of the company.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…