An activist investor in US pork producer Smithfield Foods (SFD.NYSE) said it will back a takeover by China’s Shuanghui International (000895.SZE) after proposing a buyout of its own, Reuters reported. In a filing to the US Securities Exchange on Friday, investment firm Starboard Value said it had failed to line up an alternative bid to the one proposed by Shuanghui. The New York-based company had criticized the offer, saying it undervalued Smithfield. The transaction needs the approval of just over 50% of Smithfield shareholders. Starboard holds a 5.7% stake.
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