|[May 01, 2012]
Imperial Sugar Co. Buyout Investigated by the Securities Attorneys at The Briscoe Law Firm and Powers Taylor, LLP
DALLAS --(Business Wire)--
Former United States Securities and Exchange Commission attorney Willie
Briscoe and the securities litigation firm of Powers
Taylor, LLP are investigating the sale of Imperial
Sugar Company ("Imperial Sugar" or "IPSU") (NASDAQ: IPSU) to Louis
Dreyfus Commodities, LLC for shareholders. Under the proposed buyout,
IPSU shareholders will receive only $6.35 in cash for each share of IPSU
stock owned, well below analysts target price of $20.00 per share.
If you are an affected investor, and you want to learn more about the
lawsuit or join the action, contact Patrick Powers at Powers Taylor,
LLP, toll free (877) 728-9607, via e-mail at a rel="nofollow" href="mailto:email@example.com">firstname.lastname@example.org,
or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via
email at WBriscoe@TheBriscoeLawFirm.com.
There is no cost or fee to you.
Under the definitive merger agreement, Louis Dreyfus will acquire
Imperial Sugar through a cash tender offer and a second step merger at
$6.35 per share. The transaction is valued at approximately $203 million
and is expected to close in the second quarter of 2012.
The investigation centers on whether Imperial Sugar shareholders are
receiving adequate compensation for their shares in the buyout, whether
the transaction undervalues Imperial Sugar's stock, and whether Imperial
Sugar's board attempted to obtain the highest share price for all
shareholders prior to agreeing to the deal. Although the proposed
acquisition price represents a premium over the closing price of
Imperial Sugar shares the day before the merger announcement, it is
still well below the 52 week high of $25.68 per share. Further, at least
one analyst with Yahoo! Finance has estimated that the true inherent
value of Imperial Sugar shares could be as high as $20.00 per share.
According to shareholder rights attorney Willie Briscoe, "Based on the
lack of a significant premium to Imperial Sugar shareholders, and other
factors, the firms are investigating whether the buyout price is fair to
Imperial Sugar shareholders. Our proposed shareholder lawsuit seeks to
obtain additional value for shareholders than what is proposed in the
current buyout offer."
Briscoe Law Firm, PLLC is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of experience
in complex litigation and transactional matters.
Taylor, LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.
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