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FORT MYERS, Fla., March 13, 2013 (GLOBE NEWSWIRE) -- Alico, Inc. ("Alico") (Nasdaq:ALCO), an American agribusiness and land management company, today announced that the Special Committee of its Board of Directors has engaged Deutsche Bank Securities Inc. to act as its financial advisor and Greenberg Traurig, P.A. to act as its legal counsel to assist and advise the Special Committee with respect to pursuing potential strategic and financial transaction alternatives, including merger, business combination and sale transactions involving Alico.
As previously announced, Alico formed the Special Committee, composed entirely of independent directors not affiliated with Alico's majority shareholder, Atlantic Blue Group, Inc. ("Atlanticblue"), following Atlanticblue's announcement of its intention, in light of recent changes in the U.S. federal tax code, to pursue the sale of its entire equity position in Alico to a strategic or financial buyer.
The Special Committee intends to work with its independent financial and legal advisors to identify and evaluate all available strategic and financial alternatives to maximize shareholder value and that are in the best interests of Alico and its shareholders. Atlanticblue has informed Alico that it intends to work cooperatively with the Special Committee with respect to this process.
There can be no assurance that any such transactions will be available or be approved or recommended by the Special Committee, or that any agreement providing for any such transaction will be entered into or consummated.
Alico, Inc. ("Alico") is an American agribusiness and land management company built for today's world and known for its legacy of achievement and innovation in citrus, sugar, cattle and resource conservation. We own approximately 130,400 acres of land in five Florida counties (Collier, Glades, Hendry, Lee and Polk.) Our principal lines of business are citrus groves, improved farmland including sugar cane, cattle ranching and conservation, and related support operations. We also receive royalties from rock mining and oil production. Our mission is to create value for our customers, clients and shareholders by managing existing lands to their optimal current income and total returns, opportunistically acquiring new agricultural assets and producing high quality agricultural products while exercising responsible environmental stewardship.