Louis Dreyfus Tender For Imperial Sugar Completed
WILTON, Conn. (AP) _ Louis Dreyfus Commodities LLC said
Wednesday that its tender offer for shares of Imperial Sugar Co.
attracted 72 percent of the company’s stock, more than enough to
allow it to complete the deal.
The agribusiness company announced the $6.35 per share offer in
May as part of its plans to buy the refined sugar processor for
about $77.5 million. The offer was set to expire last week, but was
extended three times.
Imperial Sugar, which is based in Sugar Land, Texas, is a major
U.S. sugar maker with products under the Imperial, Dixie Crystals
and Holly brands.
Louis Dreyfus said that a total of 8.8 million Imperial Sugar
shares, or about 72 percent or those outstanding, were tendered
before the offer expired. That included 369,848 shares tendered
through notices of guaranteed delivery.
The Wilton, Conn.-based company needed to get nearly 67 percent
of the company’s estimated total 12.2 million outstanding shares to
complete the offer.
Louis Dreyfus said it will exercise its option to buy additional
shares from Imperial Sugar, which will allow the deal to close
without shareholder approval. All of Imperial Sugar’s remaining
shares will be canceled and converted into cash.
Imperial Sugar shares rose 1 cent to $6.34 in premarket trading.
(Copyright 2012 by The Associated Press. All Rights Reserved.)