USA: IBP files suit against Tyson Foods
IBP, inc. (NYSE: IBP) has filed a lawsuit in a Delaware Chancery court to force Tyson Foods (NYSE: TSN) to honor its agreement to complete a $3.2 billion merger acquisition of IBP. "Tyson's actions are completely unjustified by anything that has transpired and we will do what is necessary to protect our shareholders and our company" Robert L. Peterson, IBP chairman and chief executive officer, said. "We can only speculate that this is a classic case of 'buyer's remorse,' because there is clearly no basis for Tyson's claim that it was fraudulently induced and does not have to proceed with this transaction.
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