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 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 emerges, Starboard plans on voting in favor of Shuanghui's $4.7 billion offer. The vote has been set for Tuesday.