Tyson Gets $2.1B Chicken Co. Deal Fight Sent To Arbitration
Law360 (September 30, 2020, 11:36 PM EDT) -- A New York federal judge on Wednesday shipped most of a lawsuit over Tyson Foods Inc.'s $2.16 billion acquisition of a poultry supplier for fast-food chains to arbitration, ruling that the adjustments the supplier is challenging in the deal "fall squarely with the agreement's arbitration clause."
In its 2019 suit, Keystone Foods Holdings Ltd. — now known as Beef Holdings Ltd. — accused Tyson of negotiating their 2018 acquisition deal in bad faith. Specifically, Beef Holdings claimed that Tyson "abus[ed]" an agreed-upon post-closing purchase price adjustment process and improperly shaved nearly $174 million off the $2.5 billion purchase price.
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