Activist Client Starboard Makes Financial Headlines Following Highly-Publicized Letter to Smithfield Foods
The Wall Street Journal, DealBook, Reuters, BloombergBusinessweek, USA Today, Financial Times and numerous other national and international media outlets reported on Starboard’s public letter to the Board of Smithfield Foods. Starboard, a large shareholder, suggested that Smithfield could be worth significantly more if sold piece-by-piece than the company’s current $34-per-share deal with Chinese meat producer Shuanghui International Holdings. If completed, the Shuanghui deal would represent the biggest Chinese takeover of a U.S. company, explaining the wide interest in this story. Smithfield is the latest high-profile campaign for Starboard, who is coming off two recent proxy contest victories and is currently seeking board seats at Office Depot. Starboard CEO Jeffrey Smith appeared on CNBC yesterday to discuss Starboard’s views on Smithfield with Andrew Ross Sorkin. Steve Wolosky, Andrew M. Freedman and Meagan M. Reda represent Starboard in the Smithfield matter.