Tyson Extends Deadline on IBP Buyout Offer
by January 22, 2001 12:00 am 84 views
Tyson Foods Inc. of Springdale has extended its expiration date on its offer to purchase IBP Inc. to 11 p.m. on Jan. 24. The original deadline was Jan. 16. The extension, however, does not change the terms and conditions of the offer.
Tyson’s offer was to buy 50.1 percent of IBP’s common stock.
Tyson, at its annual shareholders’ meeting Jan. 12, introduced IBP’s management team to a packed auditorium at the Walton Arts Center in Fayetteville. Tyson’s and IBP’s logo were shown together on a big screen in the background. IBP is in Dakota Dunes, S.D.
Tyson president and CEO John Tyson closed the meeting with a short speech about IBP.
“We won’t have to compete against the beef and pork guys anymore,” he said. “We can sell all of it together. It’s a win-win formula.”
Robert Peterson, CEO of IBP, said: “We are delighted and excited. The opportunities are unlimited. There will never be another meat protein company that equals Tyson.”