Tyson Foods, Inc. (NYSE: TSN) announced yesterday it is commencing a cash tender offer to purchase up to 50.1% of the outstanding shares of common stock of IBP, inc. (NYSE: IBP) for $26.00 per share. John Tyson, Tyson's Chairman, President and CEO, said, ``We have begun the due diligence process, and at this point have identified up to $100 million in annual synergies, and expect to achieve half of that in the first year. Obviously, this adds to the significant accretion that we expect to realize on both a GAAP and cash basis, as we announced in our proposal last week.''