Louis Dreyfus Commodities LLC said Monday that it extended its tender offer for all outstanding shares of refined sugar processor Imperial Sugar Co., The Associated Press reported Monday.
The Netherlands-based agribusiness company’s offer, which was previously set to expire Friday, is now scheduled to expire at the close of business Monday, to allow for the delivery of additional shares tendered through notices of guaranteed delivery, Louis Dreyfus said.
Louis Dreyfus has offered about $6.35 per share, or a total of about $77.5 million in cash, for Imperial Sugar which is based in Sugar Land, Texas, and has a refining plant in Gramercy. When the offer was made in May, it represented a 57 percent premium over the company’s stock.
Imperial shares finished at $6.35 per share on Friday. They had traded as high as $25.68 per share last August.
As of Friday, 8.5 million shares had been tendered, representing about 69 percent of the company’s outstanding shares, including 807,346 shares tendered through notices of guaranteed delivery, Louis Dreyfus said.
Louis Dreyfus plans to fund the deal with cash on hand and existing credit lines. The deal is not subject to a financing condition and has been unanimously approved by Imperial Sugar’s board.