FORT MYERS, Fla., Jan. 29, 2013 (GLOBE NEWSWIRE) -- Alico, Inc. ("Alico") (Nasdaq:ALCO) is an American agribusiness and land management company. On January 28, 2013, Atlantic Blue Group, Inc. ("Atlanticblue"), a holder of 50.6% of Alico's common stock, informed Alico of their intention, in light of recent changes in the tax code relating to the sale of certain assets by "subchapter S corporations" such as ABG, to explore the potential sale of substantially all of their assets during the 2013 calendar year and, in connection therewith, to actively pursue the sale of their entire equity position in Alico to a strategic or financial buyer. Atlanticblue also filed an amended Schedule 13D with the Securities and Exchange Commission on January 29, 2013 announcing their intentions.
Accordingly, the Board of Directors has formed a Special Committee comprised of its independent Directors to explore working cooperatively with Atlanticblue, to investigate all transaction possibilities and to protect the interests of all shareholders. The Special Committee will retain the services of key financial and legal advisors to assist them in evaluating these possibilities. The Board of Directors also has recently amended its bylaws to provide for advance notice and related requirements in connection with shareholder proposals and nominations of directors by shareholders. The Board of Directors has approved change in control agreements for its executive officers and key employees to promote the stability of the management team.
JD Alexander, Alico's President and Chief Executive Officer, stated, "While the Special Committee and Atlanticblue explore transaction possibilities, we will continue to implement the strategy which resulted in the Company being recognized as one of Investor Business Daily's 'Best of 2012.' Specifically, we will continue to work to enhance the productivity of our agricultural holdings, evaluate the utilization of our ranch and improved farmlands and redeploy proceeds from land sales to create value for our shareholders."There can be no assurance that any agreement will be reached by Atlanticblue, Alico or both regarding any such transaction or that the Special Committee will elect to pursue a transaction involving the Company or that any such transaction will be consummated.