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Starboard had said that while the deal with Shuanghui does offer some value, shareholders would be better served if the company focused on selling its various divisions, which include fresh pork and hog production businesses, as well as an international division. Smithfield, whose brands include Armour, Farmland and its namesake, also has been focusing on its packaged meats business, which sells deli meats, bacon, sausage, and hot dogs. Because Smithfield is contractually prohibited from superior offers or contacting others who may be interested in acquiring parts of the company, the investment firm sought to find other buyers. Smithfield declined to comment. Its shares rose 19 cents to $33.72 in afternoon trading Tuesday.
[Associated
Press;
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