Shuanghui nears investor approval of Smithfield deal

|About: Smithfield Foods Inc. (SFD)|By:, SA News Editor

China's Shuanghui International is reportedly on track to receive the approval of over 50% of Smithfield's (SFD) investors for its $4.7B acquisition of the U.S. pork producer. Reaching that level would allow Shuanghui to close the deal by Thursday next week.

The shareholder vote is due to take place on Tuesday, giving activist investor Starboard, which opposes Shuanghui's offer, little time to find an alternative bidder. Starboard is expected to make some sort of announcement this week.