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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D/A
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(AMENDMENT NO. 3)
IBP, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $0.05 PER SHARE
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(Title of Class of Securities)
449223106
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(CUSIP Number)
SMITHFIELD FOODS, INC.
200 COMMERCE STREET
SMITHFIELD, VIRGINIA 23430
757-365-3000
COPY TO: COPY TO:
RICHARD J.M. POULSON ROBERT E. SPATT, ESQ.
SMITHFIELD FOODS, INC. SIMPSON THACHER & BARTLETT
200 COMMERCE STREET 425 LEXINGTON AVENUE
SMITHFIELD, VA 23430 NEW YORK, NY 10017
757-365-3000 212-455-2000
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
JANUARY 1, 2001
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
Schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
|_|.
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1. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
Smithfield Foods, Inc.
52-0845861
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) |_|
(b) |_|
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3. SEC USE ONLY:
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4. SOURCE OF FUNDS:
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION:
Virginia
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NUMBER OF 7. SOLE VOTING POWER
SHARES 6,714,341
BENEFI- ---------------------------------------------------------------
CIALLY 8. SHARED VOTING POWER
OWNED BY 250,000(1)
EACH ---------------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 6,714,341
WITH ---------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
6,964,341(1)
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: |_|
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
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(1) Includes 250,000 shares held by Chase Manhattan Bank ("Chase"), as trustee
for the following employee benefit plans for certain employees of
Smithfield and its subsidiaries: (1) the Smithfield Foods, Inc. Salaried
Pension Plan; (2) the Smithfield Foods, Inc. Hourly Pension Plan; (3) the
Smithfield Packing Pension Plan for Bargaining Employees; (5) the Esskay
Pension Plan for Bargaining Employees; (6) the John Morrell Salaried
Employees Pension Plan; and (7) the John Morrell Hourly Employees Pension
Plan. Smithfield has shared voting power over such shares held by Chase.
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6.6%(1)
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14. TYPE OF REPORTING PERSON:
CO
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1. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
SF Investments, Inc.
51-0326024
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) |_|
(b) |_|
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3. SEC USE ONLY:
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4. SOURCE OF FUNDS:
AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION:
Delaware
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NUMBER OF 7. SOLE VOTING POWER
SHARES N/A
BENEFI- ---------------------------------------------------------------
CIALLY 8. SHARED VOTING POWER
OWNED BY N/A
EACH ---------------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON N/A
WITH ---------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
N/A
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
6,714,241
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: |_|
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
6.4%
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14. TYPE OF REPORTING PERSON:
CO
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This Amendment No. 3 ("Amendment No. 3") amends the statement of
beneficial ownership on Schedule 13D filed on November 13, 2000, and amended
by Amendment No. 1 thereto filed on November 17, 2000 and further amended by
Amendment No. 2 thereto filed on December 20, 2000 (as amended, the "Schedule
13D") by and on behalf of Smithfield Foods, Inc., a Virginia corporation
("Smithfield"), and SF Investments, Inc., a Delaware corporation ("SF
Investments" and together with Smithfield, the "Reporting Persons"), with
respect to the common stock, par value $0.05 per share ("Common Stock"), of
IBP, Inc., a Delaware corporation ("IBP"). Capitalized terms used herein and
not defined herein have the meanings ascribed thereto in the Schedule 13D.
Item 4. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Item 4 of Schedule 13D is amended and supplemented as follows:
After the close of business on December 29, 2000, in response to
an invitation from the Special Committee of the Board of Directors of IBP
(the "Special Committee"), Smithfield delivered a revised proposal to the
Special Committee which provided for the acquisition of the Common Stock of
IBP for a price of $30 per share in Smithfield common stock. A copy of the
letter to the Special Committee is attached hereto as Exhibit 1 and
incorporated by reference herein. On December 30, 2000, Smithfield and its
advisors engaged in discussions with the Special Committee and its advisors.
On Sunday, December 31, 2000, Smithfield delivered a revised proposal to the
Special Committee which increased the price per share of Common Stock to $32
per share in Smithfield common stock, subject to a maximum exchange ratio of
1.138 shares of Smithfield common stock and a minimum exchange ratio of .965
shares of Smithfield common stock. This revised proposal also provided that
it would expire at 12:00 noon on Monday, January 1, 2001. In the afternoon of
January 1, 2001, IBP announced that it had entered into a definitive
agreement with Tyson Foods, Inc. pursuant to which Tyson Foods would acquire
all of the outstanding shares of Common Stock of IBP at a price of $30.00 per
share. Later on January 1, 2001, Smithfield issued the press release attached
hereto as Exhibit 2 which is incorporated by reference herein.
Item 7. Material to be Filed as Exhibits.
EXHIBIT DESCRIPTION
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1. Letter to the Special Committee dated December 29, 2000.
2. Press release of Smithfield dated January 1, 2001.
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SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
SMITHFIELD FOODS, INC.
By: /s/ C. LARRY POPE
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Name: C. Larry Pope
Title: Vice President and Chief
Financial Officer
Dated: January 2, 2001
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After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
SF INVESTMENTS, INC.
By: /s/ MICHAEL COLE
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Name: Michael Cole
Title: Vice President
Dated: January 2, 2001
