Louis Dreyfus Commodities buying Imperial Sugar
SUGAR LAND, TX -- Louis Dreyfus Commodities LLC is buying refined sugar processor Imperial Sugar Co. for about $77.5 million.
Houston area-based Imperial Sugar's board unanimously approved the acquisition, which is targeted to close in the second quarter.
Louis Dreyfus will pay $6.35 per share, which is a 57 percent premium to Imperial Sugar's closing price of $4.05 per share on Monday. Imperial Sugar currently has approximately 12.2 million outstanding shares.
The companies said Tuesday that the total value of the deal is about $203 million, which includes debt and pension liabilities.
Last month Imperial Sugar, which is based in Sugar Land, said it netted $60.4 million from the sale of its 50 percent stake in Wholesome Sweeteners Inc. to an affiliate of the Arlon Group.
- Mystery shipwrecks explored off Galveston
- Woman ambushed while taking out trash
- Here's a reason to lock doors while pumping gas
- Teen reunites with family after being found safe 16 min ago
- Live: Watch Eyewitness News live now
- Prostitution sting nets 5 arrests in NW Harris County 50 min ago
- Obama: 8 million signed up for health care
- Teen accused of threatening attack on Splendora HS 45 min ago
- Chelsea Clinton announces she's pregnant 52 min ago
- Student caught with gun on campus
- Man shimmies through burglar bars at tattoo parlor
- Photos: Know any of Harris Co.'s featured fugitives? 50 min ago
- Dangerous sex offenders' moving into Houston area? 18 min ago
- There's pee in the water -- again!