Would you like chicken or beef with that?
No, it's not a wedding, but a union of another kind.
Big chicken producer
announced this morning that is has agreed to buy beef producer
for about $3.2 billion in cash and stock, broadening Tyson's food business.
The deal, which also calls for Tyson to assume about $1.5 billion in IBP debt, comes as a bit of a surprise. It had been rumored that IBP would be purchased by either
DLJ Merchant Banking
or pork producer
During the first full year of the deal, Tyson said IBP will add to its net income by 15% and to its cash earnings by 20%.