Starboard Ends Effort To Thwart Smithfield Deal

Sep 20 2013 | 12:17pm ET

After months of trying to find a better offer for Smithfield Foods, Starboard Value is giving up and getting on board with the pork-producer's $4.7 billion deal with China's Shuanghui International Holdings.

The hedge fund said today it would vote in favor of the Shuanghui deal, removing the last hurdle in the way of its approval. Starboard said it still had "indications of interest" from potential buyers and that it was confident that another offer would have been richer than Shuanghui's, it has decided that the restrictions written into the current deal, among other obstacles, had pushed it into the "yes" camp.

"At this time, unless another proposal emerges, we plan on voting in favor of the proposed merger," Starboard said.

Earlier this month, Starboard had urged its fellow investors to vote against the Shuanghui deal on Sept. 24 in hopes that a better offer would materialize. Few if any appear to have done so; early voting has been overwhelmingly in favor of the deal.


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.