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ARCTIC ALASKA FISHERIES AGREES TO BE ACQUIRED BY TYSON FOODS

 ARCTIC ALASKA FISHERIES AGREES TO BE ACQUIRED BY TYSON FOODS
 SEATTLE, June 16 /PRNewswire/ -- Arctic Alaska Fisheries Corporation (NYSE: ICE), headquartered in Seattle, today announced that it has executed a definitive agreement with Tyson Foods, Inc. (NASDAQ: TYSNA) of Springdale, Ark., providing for the merger of Arctic Alaska and a subsidiary of Tyson.
 Under the terms of the agreement, Arctic is expected to merge with a Tyson subsidiary on Oct. 5, 1992, at which time each share of Arctic Alaska common stock will convert into a right to receive $2.23 in cash and approximately .5686 shares of Tyson Class A common stock. This represents $12.75 per Arctic share based on Tyson's closing price Monday (June 15) of $18.50. The merger is subject to certain conditions, including the approval of the holders of two-thirds of Arctic common stock, and appropriate regulatory approvals. Under the agreement, Arctic may furnish information and hold discussion with third parties in appropriate circumstances. The boards of directors of both companies have unanimously approved the merger agreement.
 The merger agreement provides for the issuance of Arctic shareholders of approximately 9,472,000 shares of Tyson Class A common stock and the payment of approximately $37.2 million in cash, which values the transaction at approximately $212.4 million based on Monday's closing price of Tyson Class A shares.
 Arctic Alaska has a fleet of 31 large fishing and processing vessels operating primarily in the U.S. 200-mile exclusive economic zone in the North Pacific. In addition to two Seattle-based, value-added reprocessing plants, recent expansions include shore-based plants in Oregon and British Columbia, Canada. International fishing ventures in Russia, Indonesia and China supplement domestic production.
 Listed on the New York Stock Exchange, Arctic Alaska reported sales of $224.4 million and net income of $16.7 million in 1991.
 Arctic Alaska President and CEO Ronald R. Jensen said of the merger with Tyson, "Not only do Arctic Alaska shareholders benefit, but the combination of interests -- America's largest fishing and at-sea processor, together with one of the nation's premier producers and distributors of center-of-the-plate protein products -- will be highly beneficial to both parties."
 Tyson Foods is the nation's largest processor of poultry and poultry-based food products and is one of the nation's preeminent food processing companies. In recent years the company has expanded its operations to include the further processing of both beef and pork products, and the production of flour and corn tortilla products. Last year Tyson had total sales of approximately $4 billion.
 -0- 6/16/92
 /CONTACT: Rob Trafton, director of corporate and investor relations of Arctic Alaska, 1-800-252-7525/
 (ICE TYSNA) CO: Arctic Alaska Fisheries Corporation; Tyson Foods, Inc. ST: Washington, Arkansas IN: FOD MAR SU: TNM


SH -- NYON1 -- 0424 06/16/92 00:53 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
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