SUGAR LAND, TEXAS — The Imperial Sugar Co. and Louis Dreyfus Commodities L.L.C. announced a definitive agreement under which a subsidiary of Louis Dreyfus will acquire Imperial through a cash tender offer and second step merger at $6.35 per share.

The proposed transaction has been unanimously approved by Imperial’s board, who will recommend it to shareholders, the company said in a statement this morning. The all-cash transaction represents a value of about $203 million, including the assumption of debt and pension liabilities, Imperial said. The $6.35 per share represents a 57% premium to Imperial’s closing stock price on April 30, and a 50% premium to Imperial’s trailing 30-day volume-weighted average stock price, the company said.

Under the terms of the merger agreement, Louis Dreyfus Commodities will commence a cash tender offer no later than May 11, 2012, with the closing of the transaction expected in the second calendar quarter of 2012 subject to the satisfaction of customary closing conditions, the company said.