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Imperial Sugar Rejects Bid
NEW YORK - Sep 13/05 - SNS -- Imperial Sugar Company's Board of Directors unanimously rejected an unsolicited take-over bid by Schultze Asset Management, LLC.
The most recent proposal, set forth in a letter to the Board of Directors dated September 8, 2005, provides that, for $10.50 per share in cash, Schultze will acquire that number of shares that will increase its ownership to 79.9% of the outstanding shares of the Company's capital stock. The letter also states that the new proposal remains subject to further due diligence by Schultze.
The Board, after meeting with its financial and legal advisors, unanimously determined that the $10.50 per share price was grossly inadequate. In addition, the Board also determined that Schultze's proposal was unacceptable because it sought to acquire control without providing full value to all shareholders.
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