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BUSINESS
October 3, 1991 | From Times Staff and Wire Reports
Occidental Unloads IBP Stake: Occidental Petroleum Corp. said its 51% stake in IBP Inc. has been sold, as expected, for $360 million. But the transaction was less successful for its underwriters--who ended up buying most of the securities. Oxy's sale of 24 million shares in the nation's largest producer of beef and pork products will reduce the company's debt by $760 million.
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BUSINESS
November 13, 2001 | Reuters
A federal judge has awarded more than $3 million to workers at an IBP Inc. meat processing plant who were not paid for time spent putting on protective equipment before shifts or cleaning off blood, animal fat and bits of carcasses afterward, their attorneys said. U.S. District Judge Robert Whaley ordered IBP, now a unit of the largest U.S. meat group, Tyson Foods Inc., to compensate 815 current and former employees of the Pasco, Wash., plant.
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BUSINESS
August 6, 2001 | From Reuters
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.
NEWS
July 26, 1987
Striking meat cutters reached a tentative agreement in Omaha with IBP Inc., and they are to vote today on whether to end a seven-month labor dispute at the company's Dakota City, Neb., plant. The agreement between IBP and Local 222 of the United Food and Commercial Workers was announced by a federal mediator.
BUSINESS
September 25, 1998 | Bloomberg News
IBP Inc., the world's largest meatpacker, must pay about $200,000 to 16 employees for making them work during their unpaid lunch breaks, the U.S. 5th Circuit Court of Appeals in New Orleans ruled. The court said the maintenance workers are entitled to damages awarded by a Texas jury because IBP interrupted their 30-minute breaks to fix machinery at an Amarillo, Texas, beef-processing plant.
BUSINESS
April 4, 1996 | Times Staff and Wire Reports
Meatpacker Ordered to Pay Back Wages: IBP Inc., the nation's largest meatpacking company, may be forced to pay more than $7 million in back wages to its employees, the Labor Department said. According to a court order issued by a Kansas City federal judge, IBP violated the Fair Labor Standards Act by refusing to pay employees for time spent putting on and taking off protective clothing and waiting for sharpened knives.
BUSINESS
April 19, 2001 | Associated Press
A judge in Delaware ruled that meatpacker IBP Inc.'s lawsuit against poultry giant Tyson Foods Inc. can go forward. In a 28-page ruling, Judge Leo E. Strine denied Tyson's motion to dismiss the case and its argument that issues IBP presented could be handled in a separate lawsuit by Tyson against IBP in Washington County, Ark. Dakota Dunes, S.D.-based IBP filed its lawsuit March 30 to force Springdale, Ark.-based Tyson to complete its planned $3.
BUSINESS
November 13, 2001 | Reuters
A federal judge has awarded more than $3 million to workers at an IBP Inc. meat processing plant who were not paid for time spent putting on protective equipment before shifts or cleaning off blood, animal fat and bits of carcasses afterward, their attorneys said. U.S. District Judge Robert Whaley ordered IBP, now a unit of the largest U.S. meat group, Tyson Foods Inc., to compensate 815 current and former employees of the Pasco, Wash., plant.
BUSINESS
March 30, 2001 | Associated Press
Tyson Foods Inc., the world's largest poultry producer, called off a $3.2-billion purchase of IBP Inc. that would have made it the nation's top beef and pork producer. The decision was announced nine days after IBP said an investigation into its appetizer unit, DFG Foods, uncovered potential manipulation of financial records, product theft and mismanagement by former unit managers. IBP said it was shocked by Tyson's announcement. Shares of Tyson shot up $3.15 to $14.
BUSINESS
June 28, 2001 | Reuters
Poultry giant Tyson Foods Inc. confirmed that it reached a new deal to acquire IBP Inc. for about $2.7 billion in cash and stock, nearly 16% less than its previous bid, creating the nation's largest meat company. Tyson said it will commence a tender offer for half of IBP's outstanding shares for $30 each no later than July 5, to be completed by Sept. 1. Each of the remaining IBP shares will be exchanged for 2.381 Tyson shares, based on Tyson's current stock price.
BUSINESS
June 19, 2001 | From Associated Press
Tyson Foods Inc. said Monday that it would heed a judge's order and resume plans to acquire IBP Inc. in a $3.2-billion deal that would combine the nation's largest chicken and beef producers. Tyson opted against fighting a Delaware judge who ruled Friday that the Springdale, Ark.-based poultry company improperly tried to back out of the deal, under which Tyson also would assume $1.5 billion in IBP debt.
BUSINESS
June 16, 2001 | Associated Press
A Delaware Chancery Court judge ruled that Tyson Foods Inc., the world's top poultry producer, cannot back out of its $4.7-billion acquisition of meat packer IBP Inc. Vice Chancellor Leo E. Strine said he was not persuaded by Tyson's claims that it was kept in the dark about financial problems at an IBP subsidiary. He said Tyson "improperly terminated" its agreement with IBP and must go through with the deal. An appeal by Tyson is expected. Springdale, Ark.
BUSINESS
April 19, 2001 | Associated Press
A judge in Delaware ruled that meatpacker IBP Inc.'s lawsuit against poultry giant Tyson Foods Inc. can go forward. In a 28-page ruling, Judge Leo E. Strine denied Tyson's motion to dismiss the case and its argument that issues IBP presented could be handled in a separate lawsuit by Tyson against IBP in Washington County, Ark. Dakota Dunes, S.D.-based IBP filed its lawsuit March 30 to force Springdale, Ark.-based Tyson to complete its planned $3.
BUSINESS
March 31, 2001 | Reuters
Meat packing firm IBP Inc. filed a lawsuit seeking to force poultry giant Tyson Foods to honor the $3.2-billion merger agreement Tyson terminated. "Tyson's actions are completely unjustified by anything that has transpired and we will do what is necessary to protect our shareholders and our company," said Robert Peterson, IBP's chief executive. Tyson said late Thursday it terminated the agreement to acquire the Dakota Dunes, S.C.
BUSINESS
March 30, 2001 | Associated Press
Tyson Foods Inc., the world's largest poultry producer, called off a $3.2-billion purchase of IBP Inc. that would have made it the nation's top beef and pork producer. The decision was announced nine days after IBP said an investigation into its appetizer unit, DFG Foods, uncovered potential manipulation of financial records, product theft and mismanagement by former unit managers. IBP said it was shocked by Tyson's announcement. Shares of Tyson shot up $3.15 to $14.
BUSINESS
November 15, 2000 | Bloomberg News
IBP Inc., which last month agreed to a management-led buyout, said it will consider a competing $4.1-billion bid from Smithfield Foods Inc. that would create the nation's largest beef and pork producer. IBP, the largest U.S. beef supplier, said in a letter to Smithfield Chief Executive Joseph W. Luter III that it was "prepared to enter into discussions" if the Smithfield, Va.-based pork producer increased its offer of $25 a share in stock.
BUSINESS
October 3, 2000 | Bloomberg News
Donaldson, Lufkin & Jenrette Inc.'s investment arm agreed to pay $3.8 billion in cash and debt for IBP Inc., the largest U.S. meat producer, a bet profits will grow as it expands away from slaughtering cattle and into preparing beef and pork for retailers. IBP's owners will receive $22.25 a share, 22% above Friday's close. New York-based DLJ, leading a group that includes IBP managers and Decatur, Ill.-based Archer Daniels Midland Co., will spend $2.4 billion in cash and assume $1.
BUSINESS
March 21, 2001 | Associated Press
Meatpacking giant IBP Inc. said it expects Tyson Foods Inc. to complete its $3.2-billion purchase of the company now that regulators have finished a review of IBP's financial records. Tyson said it is too early to determine the effect of the IBP announcement and that it will monitor developments. Analysts said they doubt that the poultry giant will pay the $30 a share in cash and stock agreed to earlier, putting the price at $1 to $4 below that figure.
BUSINESS
January 2, 2001 | From Times Wire Reports
Offering up a New Year's Day repast of chicken and steak, poultry king Tyson Foods Inc. has agreed to buy No. 1 U.S. beef processor IBP Inc. for $3.2 billion in cash and stock, the companies announced Monday. The deal, under which Tyson would also assume $1.5 billion in debt, was reached during the weekend and approved by a special committee of IBP directors who were examining bids for the company. Tyson, the biggest U.S.
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