Another suitor comes calling for IBP

Virginia-based Smithfield Foods is making a bid to acquire I-B-P. The Smithfield offer would pay two-dollars-and-75-cents more per share than an offer made for I-B-P in October by an employee-led group. If approved, the deal would merge the world’s two largest pork processors. Bob Brammer, a spokesman for Iowa’s Attorney General, says the acquisition raises some concerns and they’re starting an investigation. Smithfield is offering two-point-seven billion dollars for I-B-P. Brammer says Iowa’s Attorney General wants to be sure the deal won’t create unfair concentration in the pork industry. Brammer says they’re consulting their counterparts in other states too.Both of Iowa’s U-S Senators today called on federal officials to look into the proposed Smithfield acquisition of I-B-P. I-B-P began as an Iowa company in 1961 and now is headquartered in Dakota Dunes, South Dakota.