010224 IBP Submits Data to SEC as Part of ProbeFebruary 10, 2001New York - Beef processor IBP Inc. said it had submitted information to the U.S. Securities and Exchange Commission as part of a probe into accounting practices. The information was submitted Monday, said IBP spokesman Gary Mickelson. He said it would be premature to discuss a timetable for an SEC response. Poultry giant Tyson Foods Inc. in late January said it was delaying a planned $3.2 billion cash-and-stock purchase of IBP due to the SEC probe. Tyson's cash tender offer for 50.1% of IBP's stock is scheduled to expire Wednesday, but could be extended. Dakota Dunes, S.D.-based IBP recently said it would take an additional pretax charge of up to $47 million in 2000 after announcing a $9 million charge in November relating to inaccuracies in the financial statements of subsidiary DFG, a Chicago-based company that makes hors d'oeuvres and appetizers. IBP bought DFG in 1998. IBP has declined to specify the issues being raised by the SEC, but has said the probe also includes the company's 2000 acquisition of Corporate Brand Foods America.
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