001212 Smithfield Statement on Tyson Bid for IBPDecember 5, 2000Smithfield, VA - Smithfield Foods, Inc. issued the following statement in response to inquiries regarding the offer to acquire IBP, inc. announced by Tyson Foods: "It is by no means clear that the proposal Tyson made represents superior long-term value over ours. Indeed, we believe that the Smithfield-IBP combination is the more attractive combination given our experience in the meat business, the synergies we can generate by combining our companies, our track record of successfully integrating management teams, and our history of creating shareholder value. "These should be important considerations for the IBP Special Committee as it evaluates the merits of the three proposals before it, since IBP shareholders will have a significant ongoing stake in either a combined Smithfield-IBP or Tyson-IBP. We also believe our proposal is very compelling to IBP's other stakeholders -- suppliers, customers and the farming communities it serves. "We will continue moving forward with the due diligence process and evaluating our next steps, consistent with our disciplined approach to investing our shareholders' assets." With annual sales of $5.2 billion, Smithfield Foods is the leading producer and marketer of fresh pork and processed meats in the United States.
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