Poultry giant Tyson Foods Inc. said this weekend it had completed its tender offer for beef processor IBP Inc., bringing closer to fruition an exhaustive takeover bid that included temporary cancellation of the deal and shareholder lawsuits.
Tyson said Saturday that about 106.99 million shares, or 99.1%, of IBP common stock had been tendered by midnight Friday, when the tender offer expired. Tyson said it would purchase slightly more than half of IBP's stock, or nearly 53.50 million shares, for about $30 a share.
The deal got the final go-ahead Friday, after a Delaware judge approved a modified settlement between the companies and shareholders who claimed the deal should have been worth more.
The decision by Vice Chancellor Leo Strine of the Delaware Chancery Court paved the way for Springdale, Ark.-based Tyson to proceed with the tender for IBP of Dakota Dunes, S.D., creating the largest U.S. meat company, with offerings in poultry, beef and pork.