USA: Tyson Foods signs definitive merger agreement to acquire IBP
Tyson Foods, Inc. (NYSE: TSN) announced that it has entered into a definitive merger agreement with IBP, inc. (NYSE: IBP). Under the terms of the agreement Tyson will acquire all of the outstanding shares of IBP in a transaction 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 cash portion of the consideration will be paid as part of Tyson's current cash tender offer. 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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