Reddy Ice to be acquired
July 02, 2007
by FoodBusinessNews.net Staff
DALLAS — Reddy Ice Holdings, Inc. entered into a merger agreement to be acquired by funds managed by GSO Capital Partners L.P. in a transaction valued at approximately $1.1 billion.
Under the terms of the agreement, Reddy Ice stockholders will receive $31.25 per share in cash for each common share of the company’s stock they hold, representing approximately 9.6% over the company’s closing share price of $28.52 on June 29, 2007, and approximately 20.8% over the average closing share price during the prior year.
Under the merger agreement, Reddy Ice Holdings may solicit proposals for alternative transactions from third parties for a 45-day period ending on Aug. 16, 2007. The company’s board of directors will work with its independent advisors to solicit proposals.