Tyson Extends Offer ? Again
by January 25, 2001 11:26 am 56 views
Tyson Foods Inc. of Springdale has extended the expiration date yet again on its offer to purchase 50.1 percent of IBP Inc.’s common stock.
The original announcement came New Year’s Day with a deadline set for Jan. 16. After that deadline passed, a new one was set for midnight, Jan. 24. But today, Tyson said a deadline of Feb. 7 was set for the purchase of the Dakota Dunes, S.D., beef processor.
John Tyson, president and CEO of Tyson Foods, had originally said he hoped the deal would be completed by Feb. 14. The total package is about $4.7 billion, including a cash-and-stock acquisition of $3.2 billion and an assumed debt of $1.5 billion. Tyson said it would run IBP as a subsidiary, leaving IBP’s management team in place.
Tyson’s stock has been steady through January, dropping from $12.75 per share at the close of Dec. 29, the last day before the announcement, to $12.63 per share at the opening of market today. IBP’s stock has risen from $26.75 before the announcement to $28.63 at the opening of market today.