Tyson Foods' (NYSE: TSN) announcement today to begin a cash election merger with IBP, inc. (NYSE: IBP) is in complete accordance with the agreement signed by both companies on January 1, 2001. While the process for completing this transaction will now change, the basic terms of the agreement do not. We join Tyson officials in re-affirming our desire to complete this transaction as promptly as possible.

IBP continues to work diligently to resolve issues raised by the Securities and Exchange Commission (SEC). We are pleased to report we continue to make significant progress and hope the matter can be completed soon.