Tyson shares nosedive

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Related tags: Meat

Shares in US red meat packer IBP fell sharply on Friday following
the decision by chicken producer Tyson...

Shares in US red meat packer IBP fell sharply on Friday following the decision by chicken producer Tyson​ to pull out of its $3.2bn purchase of the company. IBP's​ shares plummeted by 28 per cent, or $6.23, to $16.56 in early afternoon trading in New York, with Tyson's shares went up 14 per cent, or $1.58, to $13.08, the Financial Times​reports. On Thursday, Tyson backed out of its planned cash and stock buy of the largest US beef packer saying it had negotiated the deal under misleading information about its target. Tyson said on Friday it had filed suit in Arkansas seeking the return of its $66.5m breakup fee and all monies paid advance under the agreement.

Related topics: Market Trends

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