Louis Dreyfus Commodities LLC Agrees to Acquire Imperial Sugar Company for $6.35/Share
Imperial Sugar Company (NASDAQ: IPSU) and Louis Dreyfus Commodities LLC today announced a definitive agreement under which a subsidiary of Louis Dreyfus Commodities LLC will acquire Imperial Sugar through a cash tender offer and second step merger at $6.35 per share. The $6.35 per share represents a 57% premium to Imperial Sugar's closing stock price on April 30, 2012, the last trading day prior to today's announcement, and a 50% premium to Imperial Sugar's trailing 30-day volume weighted average stock price.
The proposed transaction has been unanimously approved by Imperial Sugar's board of directors, who have agreed to recommend that Imperial Sugar's common shareholders tender their shares in the offer. The all-cash transaction represents a value of approximately $203 million, including the assumption of debt and pension liabilities.
John Sheptor, President and Chief Executive Officer of Imperial Sugar, said, “This is a compelling transaction that delivers significant value for our shareholders while offering financial stability and organizational resources to allow us to continue to meet the needs of our customers.”
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