Schultze Management submits bid for Imperial Sugar
May 20, 2005
by FoodBusinessNews.net Staff
SUGAR LAND, TEXAS — Imperial Sugar Company late Thursday confirmed that it had received an unsolicited indication of interest in acquiring all of the company's outstanding shares from Schultze Asset Management, L.L.C., a New York investment company and current shareholder.
Schultze's non-binding proposal provides for a purchase price of $17per share, subject to completion of due diligence and definitive documentation.
According to the Associated Press, Schultze owned 1.44 million company shares, or about 10% of the outstanding total, as of March 21.
Imperial Sugar’s board of directors said it plans to evaluate Schultze's indication of interest.
Imperial Sugar’s shares closed Thursday at $12.93, unchanged from the previous day’s close. In today’s pre-market trade, shares were quoted at $16.48.
Imperial Sugar is one of the largest processors and marketers of refined sugar in the United States to food manufacturers, retail grocers and foodservice distributors.