Roanoke Times Copyright (c) 1995, Landmark Communications, Inc. DATE: SATURDAY, July 30, 1994 TAG: 9408010040 SECTION: BUSINESS PAGE: A-6 EDITION: METRO SOURCE: DATELINE: BROADWAY LENGTH: Short
Tyson's offer, part of a hostile takeover attempt for WLR, had been scheduled to expire Friday. Tyson, based in Springdale, Ark., said it extended the offer to consider alternatives, including termination of its bid to acquire WLR.
Tyson's $330 million offer for the Broadway-based company was extended without change before deadlines expired April 7 and June 3.
Tyson's latest extension came one day after WLR said it was acquiring a turkey producer, which could help the company fight off Tyson's hostile takeover bid. WLR said Thursday it has agreed to pay $73.8 million in stock and cash to Cuddy Farms Inc. for three turkey processing plants, a feed mill and farms. Cuddy, based in Marshville, N.C., will retain its breeding farms.
WLR officials said the deal was not meant as a defense against the Tyson takeover.
``WLR Foods has been talking to Cuddy about this acquisition for several years,'' said James L. Keeler, WLR's president and chief executive officer.
- Associated Press
by CNB