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Tyson closing IBP deal
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August 27, 2001: 6:33 p.m. ET
Tyson expects to complete deal Sept. 28, announces SEC approval
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NEW YORK (CNNfn) - Tyson Foods Inc. expects to complete its acquisition of IBP Inc. near the end of September.
Tyson (TSN: Research, Estimates), the world's biggest poultry processor, said it has called a shareholders meeting for Sept. 28 and plans to complete the acquisition of beef and pork company IBP (IBP: Research, Estimates) that day.
Tyson tried to back out of the $2.9 billion deal in March, but the two companies came to a new agreement in June after a drawn out legal battle led to a judicially ordered merger.
But Tyson Chairman and CEO John Tyson said in a statement that he is encouraged by the combined performance of the two companies and pleased with the progress made for the transition.
The Securities and Exchange Commission has approved a proxy statement and prospectus for the merger of IBP into a wholly owned Tyson unit, the company said. A required IBP shareholder meeting is set for Sept. 28 at IBP headquarters in Dakota Dunes, S.D., to approve the merger, though Tyson already controls a majority of the stock.
IBP stock rose 25 cents to $24.40 Monday, while Tyson added 5 cents to $10.26.
-- from staff and wire reports 
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