Tyson clears Justice Department; waits for end of SEC inquiry of IBP

(Little Rock-AP) -- Tyson Foods spokesman Ed Nicholson said the federal Justice Department has cleared the way for the company to proceed with its $3.2 billion acquisition of I-B-P. The company based at Springdale said the waiting period for federal regulatory review had expired without any further action by the Justice Department.

The next hurdle, and one that has slowed the merger, is a review of I-B-P's financial records by the Securities and Exchange Commission. Tyson extended its cash offer to I-B-P shareholders last week after learning of the S-E-C review. The company first extended its offer on January 17th to give the Justice Department more time to review the transaction. The offer is now good until February Seventh.