The latest merger proposal needs no approval by Time shareholders.
A shareholder vote on the merger proposal will not come before late February.
Santa Fe shareholders are to meet soon to vote on the merger proposal.
Lincoln also received a merger proposal from Redgate in 1985.
The merger proposal is valued at about $2.23 billion.
Still, it would not be the first time that American companies adjusted a merger proposal at the 11th hour.
Tyson announced the merger proposal after the close of stock trading.
About 71% of the electorate voted for the merger proposal.
However, union officials believed more merger proposals were in the pipeline.
With almost 900 students in 2005, merger proposals saw student numbers drop to around 500 by 2010.