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.