Imperial Sugar Co. Buyout Investigated by the Securities Attorneys at The Briscoe Law Firm and Powers Taylor, LLP
May 01 2012 - 12:41PM
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
patrick@powerstaylor.com, 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."
The 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.
Powers 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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