Shuanghui International, a Chinese food giant, is hopeful of closing the $4.7bn acquisition of American pork producer Smithfield Foods by 26 September 2013, following the approvals from the latter's stakeholders.
The American producer has scheduled a special meeting on 24 September, during which it intends to secure approval from over 50%shareholder mandated to finalize the agreement.
Smithfield's 5.7% stakeholder, hedge fund Starboard, has opposed the deal, claiming to bring in other potential bidders, reported Reuters.
The company has further stated to have received 'nonbinding written indications of interest' from other companies intending to offer a better value than Shuanghui's $34 per share proposal.
Starboard, however, has assured of voting in favor of Shuanghui's offer, if the company could not secure a better deal.
Shuanghui's offer represents a 31% premium to Smithfield's closing share price in May and also includes assumption of $2.4bn debt.
The Chinese company, meanwhile, has secured approval from proxy firm ISS and security clearance from the US Committee on Foreign Investment.
