Tyson, IBP Merger to Close as Scheduled

by Arkansas Business staff  on Friday, Sep. 21, 2001 11:01 am  

Tyson Foods Inc. of Springdale has said it expects to complete its buy of beef and pork processor IBP Inc. of Dakota Dunes, S.D., as scheduled in late September despite terrorist attacks on Washington, D.C., and New York.

The $2.9 billion deal will create the world's largest meat company with annual revenue of about $25.7 billion. The deal is still expected to close on Sept. 28.

Poultry giant Tyson had to delay plans to sell more than $2 billion of debt to help finance the merger when markets shut down last week after attacks destroyed the World Trade Center and damaged the Pentagon.

Shares of Tyson (NYSE: TSN) were trading at $8.32 on Friday after closing at $8.56 on Thursday.

 

 

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