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Article: Tyson walks away from deal with IBP.(Tyson Foods Inc. and Smithfield Foods Inc. possible acquisitions of IBP Inc.)(Brief Article)
- Article from:
- Feedstuffs
- Article date:
- April 2, 2001
- Author:
CopyrightCOPYRIGHT 2001 Miller Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Tyson Foods Inc. -- suddenly and with little explanation -- canceled its planned acquisition of IBP inc. last week, catching not only IBP unprepared but also much of the financial/investment sector.
Company chair and chief executive officer John Tyson, in a statement that was issued late last Thursday, said the company could not "complete the transaction under the facts as we know them today." He said the decision was "in the best interests" of the company and its stockholders.
In a letter to IBP chair and CEO Robert L. Peterson and JoAnn R. Smith, chair of the board of directors' committee of independent directors with which the IBP-Tyson Foods ...