Smithfield Foods, Inc. (NYSE: SFD) yesterday issued the following statement in response to the commencement of a hostile tender offer by Tyson Foods for 50.1% of the outstanding stock of IBP, inc.: ``As a matter of economic substance, there is nothing new here. Tyson is doing what it said it would. However, by doing it now, and by structuring it as a hostile, front-end loaded offer, rather than as part of a negotiated process with the IBP Special Committee, Tyson's tactic appears designed to short-cut the Special Committee's efforts to find additional value for IBP shareholders, and to coerce IBP shareholders into turning over corporate control to Tyson.