010239 Tyson Extends IBP Tender, Seeks More DataFebruary 22, 2001New York - The chairman of poultry giant Tyson Foods Inc. expressed frustration with delays in the company's planned $3.2 billion purchase of IBP Inc., saying the beef processor had not provided it with some of the data connected to a government probe. “There's information we have not been privy to yet. It's a little frustrating to us,” Chairman John Tyson told an industry conference in Naples, Fla. But he also said the strategic appeal of the deal has not changed, noting “I still like the big picture idea”. Springdale, Ark.-based Tyson agreed on Jan. 1 to buy IBP for $30 in cash and stock. Tyson is hoping to transfer its hugely-successful poultry branding strategy to IBP's beef and pork products. Tyson earlier on Wednesday extended the $30 a share tender offer for IBP until Feb. 28 pending a review of IBP's accounting practices by the U.S. Securities and Exchange Commission. The regulators are reviewing at least two of IBP's previous acquisitions. Terms of the transaction call for Tyson to pay $30 a share in cash for 50.1% of IBP's shares and the equivalent of $30 a share in stock for the rest. Tyson has said it will not close the tender offer or begin an exchange offer until the issues are resolved. According to the merger agreement, IBP can walk away from the deal without penalty if the tender offer is not completed by Feb. 28. Tyson did not disclose the documents that it was seeking. “Their lawyers won't let us see some stuff,” Tyson said. But IBP denied that it had not provided information to the proposed buyer. “We are communicating with Tyson to learn what was meant by the remarks. We have been providing regular updates to Tyson on the status of the SEC review and we have provided Tyson with any information requested,” said IBP spokesman Gary Mickelson.
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