Starboard Says Shuanghui $34/Share Offer Undervalues Smithfield Foods
Starboard Value LP (together with its affiliates, "Starboard"), a large shareholder of Smithfield Foods, Inc. (NYSE: SFD) ("Smithfield" or the "Company") with beneficial ownership of approximately 5.7% of the outstanding common stock of the Company, today announced that it has delivered a letter to the Board of Directors of Smithfield (the "Board"), the full text of which is included below.
June 17, 2013
Members of the Board of Directors of Smithfield Foods, Inc.Smithfield Foods, Inc.200 Commerce StreetSmithfield, Virginia 23430
Dear Members of the Board,
Starboard Value LP, together with its affiliates ("Starboard"), currently owns securities representing beneficial ownership of approximately 5.7% of Smithfield Foods, Inc. ("Smithfield" or the "Company"). We have been a shareholder of Smithfield since March 2013, several months prior to the announcement on May 29, 2013 that Smithfield and Shuanghui International Holdings Limited ("Shuanghui")