Smithfield Foods shareholder concedes on Chinese takeover deal - WSLS 10 NBC in Roanoke/Lynchburg Va

Smithfield Foods shareholder concedes on Chinese takeover deal

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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.

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