IBP merger off, stock slumps
Friday, March 30, 2001 | 11:11 a.m.
NEW YORK -- Shares of IBP Inc. skidded 29 percent lower today after poultry giant Tyson Foods Co. called off a $3.2 billion deal for IBP that would have made Tyson the nation's top beef and pork producer.
Thursday's decision came nine days after IBP said an investigation into its appetizer unit, DFG Foods, uncovered potential manipulation of financial records and product theft, and mismanagement by former unit managers.
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