Schultze Management submits bid for Imperial Sugar

by Staff
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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.

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