In Brief : Holly Farms to Fight Court Ruling
From Times Staff and Wire Service Reports
MEMPHIS, Tenn. —
Poultry producer Holly Farms Corp. said today that it will fight a court ruling won by hostile suitor Tyson Foods Inc. that blocks Holly Farms from a friendly merger with ConAgra Corp.
Holly Farms officers said in a statement that despite the ruling they will proceed as if the friendly merger will take place. Shareholders of both Holly Farms, a 100-year-old Memphis company, and ConAgra, based in Omaha, Neb., are scheduled to meet in separate sessions the first week of February to vote on the merger.
Delaware Vice Chancellor Maurice Hartnett, ruling against the proposed deal on Friday in Wilmington, Del., reopened the door for Tyson Foods’s hostile takeover attempt of Holly Farms.
