Dakota Growers extends tender offer deadline
April 23, 2007
by Josh Sosland
CARRINGTON, N.D. — Dakota Growers Pasta Company, Inc. on April 20 said it has extended the deadline for its tender offer of up to 3,920,000 shares of its common stock.
The extension, until April 27 at 5 p.m., was given "due to the variability of mail service from various North Dakota communities."
Under terms of the tender, Dakota Growers will pay up to $10 per share.
"Members of the board of directors and management have become aware that the U.S. mail service can take several days, in some cases, to deliver mail to the depositary in St. Paul," said Tim Dodd, president and chief executive officer. "Because of this, the company believes it is appropriate to provide a few additional days to allow our stockholders to return the necessary paperwork."
As of April 19, 3,158,000 shares of Dakota Growers stock had been tendered, equating to 81% of the tender maximum. The offer had commenced on March 26.