Alternatives Tyson sold its stake in company Beyond Meat
Reportedly, Beyond Meat no longer wanted the Tyson Ventures representative to attend its board meetings, despite his attendance being a contractual right.
A part of the deterioration of the relationship was due to fear of competition between the two companies; Tyson was interested in the alternative protein market especially after seeing its quick-serve and broader restaurant sector potential, Axios reported.
The other concern was that Tyson would interfere with potential mergers or acquisitions, yet the nature of the interference is unclear, the report said.
Tyson Foods confirmed the sale in a statement to CNBC. It is also not known whether Tyson decided to sell its stake on its own or whether it was at Beyond Meat’s request. Having invested a total of $34 mill. between 2016 and 2017, Tyson Foods had a 6.5% ownership stake in Beyond Meat last November when the latter filed for its IPO.