USA: Statement of Tyson Foods, Inc. RE: status of IBP litigation
Tyson Foods, Inc. (NYSE: TSN) terminated its proposed acquisition of IBP, inc. (NYSE: IBP) on March 29th and filed suit in the Chancery Court of Washington County, Arkansas alleging fraud and breach of contract by IBP. The next day, IBP cross-complained against Tyson, claiming Tyson had breached the acquisition agreement, in a previously filed shareholder suit in Delaware that IBP had moved to dismiss. On April 2nd IBP amended its cross-complaint against Tyson saying an early confidentiality agreement between the parties required all disputes be heard in Delaware. Vice Chancellor Leo E. Strine, who presides over the Delaware proceeding, scheduled trial on IBP's breach of contract claims to begin May 14th. On April 4th Tyson moved to stay the Delaware proceeding.
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