001220 Tyson Starting Due Diligence On IBP DealDecember 11, 2000New York - Poultry giant Tyson Foods Inc. said it is evaluating a response from the board of beef producer IBP Inc. in regard to a merger offer and asserted its offer was superior to the proposal made to IBP by Smithfield Foods Inc. Springdale, AR-based Tyson said it would offer $26 per share for Dakota Dunes, SD-based IBP, for a total of about $2.8 billion. The company said it is embarking upon the due diligence process to complete the deal. Tyson said the acquisition of IBP would be immediately accretive to Tyson's earnings. The company said its offer included cash and stock for outstanding shares of IBP, whereas Smithfield's offer was stock only. Tyson's offer also includes the assumption of $1.4 billion in debt.
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