Smithfield Foods shareholder concedes on Chinese takeover deal
Smithfield Foods' largest shareholder announces it will vote in favor of a proposed Chinese company takeover. This after the shareholder, Starboard Value LP failed to find an alternate bidder. Earlier this month, the company said it would vote against the $4.7 billion deal.
Starboard now plans to approve the chinese meat producer's $34 per share offer.
The investment firm owns about 5.7% of Smithfield stock. The vote is scheduled for Tuesday.