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.