damn, damn, damn.....

http://dailynews.yahoo.com/h/nm/20010615/bs/food_tyson_ruling_dc_1.html

Judge Rules Tyson Must Uphold IBP Buyout CHICAGO/WILMINGTON, Del. (Reuters) - No. 1 U.S. poultry producer Tyson Foods Inc.(NYSE:TSN - news) must uphold its agreement to buy No. 1 U.S. beef producer IBP Inc. (NYSE:IBP - news), a Delaware chancery court judge ruled on Friday.

Tyson Foods in March walked away from a deal to buy IBP for $3.2 billion, citing numerous breaches of IBP's merger agreement, including alleged accounting irregularities at one of its subsidiaries.

Vice Chancellor Leo Strine said in a 146-page ruling that ''IBP's claim for specific performance is granted. Tyson's claims for relief are dismissed.''

In his ruling, Strine granted IBP's demand that Tyson meet its agreement to buy IBP.

``The merger agreement and related contracts were valid and enforceable...(and) specifically allocated certain risks to Tyson, including the risk of any losses or financial effects from the accounting improprieties at DFG, and these risks cannot serve as a basis for Tyson to terminate the agreement.''

-- Anonymous, June 15, 2001