Tyson and IBP: A Merger Made in Heaven...?
On Friday, poultry giant Tyson Foods was ordered by a Delaware Chancery Court judge to proceed with its US$4.7bn merger with IBP Inc. The surprise decision set in motion once again a deal aborted on 29 March, when Tyson unilaterally terminated its US$30 a share offer for the Dakota Dunes-based meatpacking firm amid allegations that IBP had improperly induced it into the deal by providing overly optimistic profit estimates, in its so-called Rawhide proxy. Clare Harman takes up the story.
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