001262 Smithfield Files With FTC Regarding IBP ProposalDecember 23, 2000Smithfield, VA - Smithfield Foods, Inc. announced that it is making a filing with the Antitrust Division of the Department of Justice and the Federal Trade Commission under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, with respect to its proposed acquisition of IBP, Inc. In connection with this filing, Smithfield made the following statement: “We continue to believe that our offer is superior to the Tyson bid. We find it particularly noteworthy that our proposal is currently worth $25.00 per share while the Tyson bid is currently worth $24.61 per share based on the closing price of Tyson common stock on December 15, 2000. We are continuing to move forward with our evaluation of IBP through the conduct of due diligence and consideration of our next steps, consistent with our disciplined approach to investing our shareholders' assets. In moving forward with our proposal, and since Tyson has chosen to unilaterally launch a coercive tender offer and make its own regulatory filings, we decided that it makes sense for us to commence our regulatory process and start our own clock running. We would expect that the regulators will carefully review both proposals.”
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