Louis Dreyfus completes Imperial Sugar tender offer
by Eric Schroeder
SUGAR LAND, TEXAS — Louis Dreyfus Commodities L.L.C. has successfully completed the tender offer for all outstanding shares of common stock of the Imperial Sugar Co. at a purchase price of $6.35 per share.
Louis Dreyfus said 8,779,903 shares of Imperial common stock were validly tendered and not withdrawn prior to the extended expiration at 5:00 p.m. Eastern time June 19, including 369,848 shares delivered pursuant to guaranteed delivery procedures.
“The aggregate number of shares validly tendered and not properly withdrawn pursuant to the tender offer exceeds the ‘minimum condition’ and, accordingly, Louis Dreyfus Commodities Subsidiary Inc. accepted for payment all such shares in accordance with the terms of the tender offer and will promptly pay for such shares in accordance with the terms of the tender offer,” the company said.
“Louis Dreyfus Commodities Subsidiary Inc. will promptly exercise the ‘top-up option’ provided in the merger agreement to purchase additional shares from Imperial Sugar, which will allow Louis Dreyfus Commodities L.L.C.’s subsidiary to complete and close the merger and acquisition of Imperial Sugar without stockholder approval,” the company said. The merger should be completed immediately thereafter, the company said, at which time Imperial Sugar will become an indirect wholly owned subsidiary of Louis Dreyfus Commodities L.L.C. Upon completion of the merger Imperial Sugar common stock will cease to be traded on the NASDAQ, the company said.