USA: Going-private transaction of meat processor IBP good news for ADM
Details have been released on the going-private transaction of meat-processing giant IBP, based in Dakota Dunes. US$2.4bn has been offered, including the assumption of debts, for IBP by an investor group, which is led by a partnership that includes Donaldson Lufkin and Jenrette (DLJ) and the Archer Daniels Miller Company (ADM).The terms have been stipulated in an ADM filing to the Securities and Exchange Commission. They state that before the merger is finalised the DLJ group will spend more than US$67m to buy around 25% of the IBP shares held by ADM, which currently controls a 12.2% stake in the meat packer. Once complete, ADM will swap its remaining 9.9m shares for a 25% stake in the new IBP and nine seats on its board.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- Comment: Premier has more to ponder than Brexit
- Trump seen as negative for global food trade
- 2017: food policy hotspots in the UK, EU and US
- The food market in 2017 - consumer trends and M&A
- Analysis: B&G Foods balancing growth and decline
- Weetabix takeover talk gathers pace
- Nestle mum on Mead Johnson takeover talk
- Unilever rebrands I Can't Believe It's Not Butter
- Mondelez sells Vegemite to Bega
- Kellogg to slash 250 jobs