June 19 (Reuters) - Smithfield Foods Inc Chief
Executive Larry Pope could receive nearly $46.6 million in
merger-related payments as part of a planned takeover by China's
Shuanghui International, a securities filing showed.
As per a filing made with the U.S. Securities and Exchange
Commission (SEC) late on Tuesday, Pope would be eligible to
receive about $28 million in cash and $18.6 million in equity.
Robert Manly, Smithfield's chief financial officer, would
also be eligible to receive about $22.8 million in potential
merger-related payments, the filing showed.
The money does not include the value of benefits which the
executives already have a vested right to receive without regard
to the buyout deal, the company said.
Smithfield, the world's largest pork producer and processor,
also revealed in the proxy filing that it had received offers
from two other parties, but eventually ended up sealing the
Shuanghui International deal.
Smithfield did not reveal the other two suitors, only
labeling them as "Company A" and "Company B".
Continental Grain Co, previously a major shareholder of
Smithfield, had earlier urged the company be split into three
parts. It later dropped its plan and sold its stake after
Shuanghui stepped in to buy Smithfield for about $4.7 billion.
However, Smithfield faces fresh opposition to its deal after
activist investor Starboard Value LP revealed a major stake in
the company on Monday and urged management to explore a breakup
rather than the planned Shuanghui takeover.