Tyson follow judges orders for IBP deal
21 August 2001
Tyson have followed a judge's order forcing them to buy IBP for roughly US$2.7 billion. The deal honours the merger terms agreed at the beginning of this year, although the purchase price is lower than the initial US$3.2 billion because of a significant drop in Tyson's shares. A Delaware Chancery Court ruled that Tyson must buy IBP, the largest beef producer in the US, in accordance with the original contract. It found that they had not been materially misled about IBP's financial situation and set a deadline of November 15 for the merger to be completed.
