Saturday, 25 April 2015
Last updated 18 hours ago
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.
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…