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Article: Tyson warned about DFG, was rescuer from Smithfield.(Tyson Foods Inc. ends deal to acquire IBP Inc.)(Brief Article)
- Article from:
- Feedstuffs
- Article date:
- May 28, 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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It became increasingly evident last week that troubles at IBP inc.'s appetizer business, DFG Foods, were quite well known to executives at Tyson Foods Inc. during, the chicken company's negotiations to acquire IBP and merge the two companies into the world's largest meat and poultry producer, based on testimony at a chancery court in Delaware.
There was also evidence supporting the theory that the decision to call off the acquisition was made overnight on concerns that the timing of the acquisition was wrong because of declining and weak beef and chicken returns.
The DFG issues surround inventory and invoice statements that were misstated to make the ...