The firm is investigating the following transaction on behalf of shareholders.

The firm is investigating whether the Board of Directors of Smithfield Foods, Inc. ("Smithfield Foods" or the "Company") (SFD) breached its fiduciary duty to its shareholders in agreeing to sell Smithfield Foods to Shuanghui International Holdings Limited.

Under the terms of the agreement, Smithfield Foods shareholders will receive $34.00 in cash for each share they own. The investigation is focused on the potential unfairness of the price to Smithfield Foods shareholders and the process by which the Smithfield Foods Board of Directors considered and approved the transaction.

The firm believes this deal has a number of problems:

First, it is a pork play. The Asian market can’t produce enough of the gross stuff to feed its own people so it is looking to the US. They need access to a greater supply of this junk than they can grow there. Also, every year or so they need to slaughter an entire harvest because of disease. US pigers seem to breed the things absent myriad diseases and contamination.

Second, SFD’s recent results were fairly solid (not much fat) and beat the Street’s consensus figures. While lower than last year, analysts were pleased. For some reason, Americans are eating more of this gross animal.

Third, SFD management stays on and will do very well due to CIC benefits etc.

Fourth, the company has been under pressure of late from shareholder Continental Grain Co., which argued in a March letter that Smithfield should split its hog, processing and international businesses to boost returns. A proxy fight was on the horizon. The deal moots that. Fifth, there is no indication that the company was shopped.

If you are a current shareholder and would like to discuss your options of exercising your rights as a shareholder, which include ensuring that the company is getting the highest possible price for the company, and that the board of directors will act in the best interest of the shareholders, please contact us.

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