San Diego, CA -- (SBWIRE) -- 05/02/2012 -- The takeover proposal by Louis Dreyfus Commodities LLC to take over Imperial Sugar Company at $6.35 per share caused an investigation on behalf of investors in NASDAQ:IPSU shares concerning whether the offered price and the takeover process are unfair to NASDAQ:IPSU investors.
Investors who purchased shares of Imperial Sugar Company (NASDAQ:IPSU) prior to May 1, 2012 and currently hold any of those NASDAQ:IPSU shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
On Tuesday, May 1, 2012, May. 1, 2012-- Imperial Sugar Company (NASDAQ: IPSU) and Louis Dreyfus Commodities LLC announced an agreement under which a subsidiary of Louis Dreyfus Commodities LLC will acquire Imperial Sugar through a cash tender offer and second step merger at $6.35 per share. The all-cash transaction represents a value of approximately $203 million, including the assumption of debt and pension liabilities.
Imperial Sugar Company said the $6.35offer represents a 57% premium to Imperial Sugar’s closing stock price on April 30, 2012, the last trading day prior to today’s announcement, and a 50% premium to Imperial Sugar’s trailing 30-day volume weighted average stock price.
However, NASDAQ:IPSU shares traded as recently as February 13, 2012 as high as $7.03 per share and at least one analyst has set the high target price at $20 per share, thus well above the current offer.
Therefore the investigation by a law firm concerns whether certain officers and directors of Imperial Sugar Company breached their fiduciary duties owed to NASDAQ:IPSU investors in connection with the proposed acquisition. Specifically, the investigation concerns whether the proposed transaction is unfair to Imperial Sugar stockholders and focuses on whether the Imperial Sugar Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Imperial Sugar Company (NASDAQ:IPSU) and purchased their Imperial Sugar shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego