UPDATE 1-Smithfield board to review advice from big shareholder
March 8 (Reuters) - Smithfield Foods Inc said on Friday its board would review a letter from shareholder Continental Grain Co that it received on Thursday.
Smithfield did not discuss the details of the letter in a brief statement. On Thursday, Continental Grain said it urged Smithfield's board to consider splitting the leading U.S. hog producer into three units and initiating a regular cash dividend.
Continental Grain is Smithfield's largest shareholder, with a 9.23 percent stake as of July, according to Thomson Reuters data.
Smithfield said its board would review the memorandum from Continental Grain in due course, in consultation with financial and legal advisers.