USA: Proposed Smithfield Foods stock for stock acquisition of IBP 'will create a strong and committed partner for farming communities,' says Smithfield Foods CEO Joe Luter
Early yesterday Smithfield Foods, Inc. (NYSE: SFD) announced a proposal to acquire IBP, Inc. (NYSE: IBP) through a strategic stock for stock combination of the two companies.Smithfield Foods' proposal followed the announcement on October 2, 2000 that IBP's senior management and a select group of insiders and Wall Street investors planned to take IBP private by acquiring the company in a 1980s-style leveraged buyout.
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