WILTON, Conn. (AP) — Louis Dreyfus Commodities LLC said Wednesday that its tender offer for shares of Imperial Sugar Co. attracted 72 percent of the company's stock, more than enough to allow it to complete the deal.
The agribusiness company announced the $6.35 per share offer in May as part of its plans to buy the refined sugar processor for about $77.5 million. The offer was set to expire last week, but was extended three times.
Imperial Sugar, which is based in Sugar Land, Texas, is a major U.S. sugar maker with products under the Imperial, Dixie Crystals and Holly brands.
Louis Dreyfus said that a total of 8.8 million Imperial Sugar shares, or about 72 percent or those outstanding, were tendered before the offer expired. That included 369,848 shares tendered through notices of guaranteed delivery.
The Wilton, Conn.-based company needed to get nearly 67 percent of the company's estimated total 12.2 million outstanding shares to complete the offer.
Louis Dreyfus said it will exercise its option to buy additional shares from Imperial Sugar, which will allow the deal to close without shareholder approval. All of Imperial Sugar's remaining shares will be canceled and converted into cash.