August 6, 2001 |
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.
June 19, 2001 |
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.
June 16, 2001 |
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.
March 31, 2001 |
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.
March 30, 2001 |
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.
December 5, 2000 |
Tyson Foods Inc., the biggest U.S. poultry producer, escalated a bidding contest for IBP Inc. on Monday by offering $2.8 billion in cash and stock for the nation's No. 1 beef supplier. IBP investors would get $26 for each IBP share, half in cash and half in Tyson stock. The bid is 17% higher than an October buyout offer from IBP managers and 4% more than an all-stock, $25-a-share bid last month by Smithfield Foods Inc., the top U.S. pork producer. Under each deal, the buyer also would assume $1.
September 26, 2000 |
A Tyson Foods executive was given a 366-day prison sentence for providing an illegal gratuity to former Agriculture Secretary Mike Espy. Archibald R. Schaffer III, director of government and media relations for the poultry giant, was convicted of giving Espy $2,500 worth of air transportation so Espy could attend a May 1993 Tyson family party in Arkansas.
April 13, 2000 |
Tyson Foods Inc. said Chief Executive Wayne Britt stepped down as head of the nation's top chicken producer and was replaced by Chairman John Tyson, grandson of the company's founder. The 50-year-old Britt held the top job at the Springdale, Ark.-based company for 1 1/2 years, during which Tyson's stock plunged 50%. Like other U.S. chicken producers, Tyson was hurt by a poultry glut and low prices.
September 21, 1999 |
Tyson Foods Inc., the nation's largest poultry producer, said it will begin using electricity to treat some of its products for contamination by zapping bacteria so it cannot reproduce. Springdale, Ark.-based Tyson said its decision to institute the program was consumer-driven. Tyson has contracted with San Diego-based Titan Corp. to use electron beams generated from regular electrical currents. Tyson says a market test could come early next year.