Meatpacking giant IBP is said to be “shocked” at the announcement late last night that Tyson Foods has abandoned its proposed US$3.2bn-plus-assumption buyout of the company. A news release from IBP continued: “This comes as a complete surprise.”
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Based in Dakota Dunes, South Dakota, the pork and meat processor insisted today that it had resolved issues of accounting and finance that threatened to block the deal with the US Securities and Exchange Commission (SEC). The company also states it had been completely open with Tyson about the SEC inquiries as some as they began. Furthermore, “As recently as this week, our sense was that Tyson had every intention of going through with the transaction.”
Poultry behemoth Tyson revealed with its latest decision that it has relied on “misleading” information in calculating the financial details of the deal. IBP is adamant however that Tyson did not “ha[ve] any valid basis to discontinue or terminate the merger agreement.”
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