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Hedge fund plans to vote against sale of Smithfield Foods to Chinese firm

NEW YORK (WTAQ) - One of Smithfield Foods’ largest shareholders plans to vote against the proposed sale of the company to a Chinese firm.

The New York hedge fund of Starboard Value said it received non-binding interest from other parties willing to pay more than the $34 a share that Shuanghui International Holdings has offered.

One of Smithfield’s many operations includes the Patrick Cudahy meat plant near Milwaukee. Smithfield shareholders are scheduled to vote September 24th on the proposed sale – which is now valued at over $7 billion.

Starboard wants to delay the vote, to give others a chance to make a larger offer.

If this sounds vaguely familiar, it is. Earlier this year, Starboard Value also tried pulling its weight as a stockholder in the Wausau Paper company, saying it should leave Wisconsin and focus on making paper towels for public restrooms.

Instead, Wausau sold its mills in Rhinelander and Mosinee to an equity firm that promised to keep the plants running and preserve hundreds of jobs