Starboard Value LP is a New York based activist hedge fund. Starboard said that it had been working with investors who would be interested in paying more for Smithfield Foods Inc. that the price offered by Shuanghui International Holdings Ltd.

New York based Starboard holds 5.7% stake in Smithfield. In a letter to its shareholders, Starboard said last Tuesday that it had received non-binding written indications of interest. These came from several parties who were interested in acquiring Smithfield more than the offered cash deal of USD34 per share by Shanghui.

The counter proposal had not been completed but the hedge fund said it would vote against the Smithfield-Shuanghui merger. The voting was scheduled later this month for the bid to have more time before it would be finalized.

Smithfield is based in Virginia and operates as the largest producer of pork. The company scheduled a shareholding meeting on September 24. The shareholders of the company had been set to vote on the proposed acquisition by Shuanghui.