Louis Dreyfus to take Imperial Sugar private in $78 million deal
(Reuters) - Privately held Louis Dreyfus Commodities LLC said one of its subsidiaries agreed to acquire Imperial Sugar Co IPSU.O for about $78 million, as the commodity company looks to diversify into refining and distribution.
At $6.35 per share, the offer represents a 57 percent premium to Imperial Sugar's closing stock price on Monday.
Including debt, the all-cash deal is worth $203 million, the companies said in a statement.
"This transaction is an important step forward in our plan to grow and diversify our global sugar activities from sugar cane crushing and international sugar trading into sugar refining and distribution," Louis Dreyfus Commodities Chief Executive Mikael Morn said.
(Reporting by Bijoy Koyitty in Bangalore; Editing by Sreejiraj Eluvangal)
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