Louis Dreyfus Commodities LLC Announces 68.5% Of Shares Of Imperial Sugar Company Tendered; Extends Tender Offer Until 5:00 P.M. On June, 18, 2012 To Permit Delivery Of Guaranteed Shares
Louis Dreyfus Commodities LLC today announced an extension of the offer
period for the previously announced tender offer for all of the
outstanding shares of common stock of Imperial Sugar Company
Louis Dreyfus Commodities LLC today announced an extension of the offer period for the previously announced tender offer for all of the outstanding shares of common stock of Imperial Sugar Company (NASDAQ:IPSU) (“Imperial Sugar”) by Louis Dreyfus Commodities LLC’s subsidiary Louis Dreyfus Commodities Subsidiary Inc., for $6.35 per share in cash, without interest and less any applicable withholding taxes. The depositary for the tender offer has advised that, as of 11:59 p.m., New York City time, on Friday, June 15, 2012, 8,547,944 shares of Imperial Sugar common stock have been tendered and not withdrawn, representing approximately 68.5% of the outstanding shares on a fully-diluted basis, including 807,346 shares tendered through notices of guaranteed delivery. The tender offer, which was previously scheduled to expire at 11:59 p.m., New York City time, on Friday, June 15, 2012, is now scheduled to expire at 5:00 p.m., New York City time, on Monday, June 18, 2012 to permit delivery of additional shares tendered through notices of guaranteed delivery. All other terms and conditions of the tender offer remain unchanged. If shareholders have any questions or require assistance in tendering please call our Information Agent, MacKenzie Partners, at (800) 322-2885. About Imperial Sugar Imperial Sugar is one of the largest processors and marketers of refined sugar in the United States to food manufacturers, retail grocers and foodservice distributors. The Company markets products nationally under the Imperial ®, Dixie Crystals ®, and Holly ® brands. For more information about Imperial Sugar, visit www.imperialsugar.com. About Louis Dreyfus Commodities LLC Louis Dreyfus Commodities LLC and its subsidiaries have a highly diversified agricultural business in North America and operate in the cotton, grains, oilseeds, sugar, rice, freight, coffee, and juice markets. With approximately 1,650 employees, Louis Dreyfus Commodities LLC’s operations include 6 agricultural processing plants and over 30 logistics assets including 5 grains/oilseeds export elevators, 10 interior grains/oilseeds elevators and 20 cotton warehouses.
Shares of Imperial Sugar Company (Nasdaq:IPSU) were gapping down Thursday morning with an open price 14.9% lower than Wednesday's closing price. The stock closed at $4.35 yesterday and opened today's trading at $3.70.
Imperial Sugar Company (Nasdaq:IPSU) hit a new 52-week low Thursday as it is currently trading at $6.48, below its previous 52-week low of $6.50 with 168,141 shares traded as of 12:35 p.m. ET. Average volume has been 439,500 shares over the past 30 days.