Last Friday, Starboard Value LP, the activist investor, said it decided to vote in favor from Shuanghui Internationals for Smithfields Foods Inc. The offer from the Chinese company is valued at USD4.7 billion and was deemed acceptable by the hedge fund firm in the absence of an alternative proposal.

Starboard currently owns 5.7% of Smithfield and earlier criticized the offer made for the world's largest pork producer. Because it had failed to line up an alternative proposal, the company now includes itself in the minimum 51% needed to approve the deal. A special meeting for the decision was set for September 24.

In a filing with the US Securities and Exchange Commission, Starboard said that unless another proposal is tabled, it would vote for the deal from the Chinese company. It said, "While we are confident that (Smithfield) could have received value in excess of that available pursuant to the proposed merger, we are not able to offer shareholders an alternative proposal at this time."

The deal, which was done last May, stands to be the largest transaction in history involving a Chinese firm taking over a US company, According to anonymous sources who tild Reuters, Shanghui is nearing the 50% threshold and was optimistic that the company would be able to finalize the deal by September 26.