USA: IBP signs definitive merger agreement to be acquired by Tyson
IBP, inc. (NYSE:IBP) announced that it has entered into a definitive merger agreement with Tyson Foods, Inc. (NYSE:TSN). Under the terms of the agreement Tyson will acquire all of the outstanding shares of IBP in a cash tender offer, stock exchange offer and merger valued at approximately $4.7 billion, which includes the assumption of and/or refinancing of approximately $1.5 billion of IBP debt and other obligations. Tyson will pay $30.00 for each share of IBP common stock, with 50.1% of the consideration in cash and the remainder in Tyson Class A common stock. The stock portion of the consideration is subject to a maximum exchange ratio of 2.381 and a minimum exchange ratio of 1.948 Tyson Class A shares if Tyson's average trading price for an agreed to period of time is outside the range, or ``collar'' of $12.60 and $15.40.
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