Tyson, IBP Complete Merger

by Arkansas Business staff  on Monday, Oct. 1, 2001 11:54 am  

Shareholders of IBP Inc. of Dakota Dunes, S.D., approved the company's merger with Tyson Foods Inc. of Springdale last week.

The vote, along with a filing of merger documents, means Tyson's acquisition of IBP is complete.

More than 98 percent of the shares voted approved the merger acquisition, IBP said. The two companies also filed a certificate of merger with the secretary of state of Delaware, where both companies are incorporated.

Last month, Tyson paid $30 a share in cash for more than half of IBP's stock. Remaining IBP shares have been converted to Tyson Class A common stock in a tax-free transaction. IBP stock is no longer publicly traded.

The new Tyson Foods is the world's largest protein provider. The company has about 28 percent of the U.S. beef market, 23 percent of the chicken market and 18 percent of the pork market. Tyson expects revenues for fiscal 2002 to be more than $25 billion, putting the company in the top 70 of last year's Fortune 500. The new Tyson has more than 120,000 employees in more than 130 sites in the country.

Shares of Tyson (NYSE: TSN) were trading at $9.99 on Monday after closing at $10.02 on Friday.



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