NEWS
Fri Sep 20, 2013 05:15 PM CDT

(AP) -- Smithfield Foods Inc.'s largest shareholder says it will vote in favor of a proposed takeover by a Chinese meat producer after failing to find an alternative bidder.

Starboard Value LP had said earlier this month that that it would vote against Shuanghui International Holdings Ltd.'s $34 per share offer because it wanted more time to seek alternatives that would provide better shareholder value.

The New York investment firm said Friday that it believes another bidder could have offered shareholders a better deal, but it could not secure an offer under existing time and financial constraints. Unless another proposal ...

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