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Imperial Holly's sweet bid
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September 8, 1997: 3:07 p.m. ET
Savannah Foods accepts unsolicited $497 million bid by rival sugar refiner
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NEW YORK (CNNfn) - With an unsolicited offer of $497 million, Imperial Holly has won the bidding to acquire Savannah Foods & Industries Inc., one of the nation's largest sugar refineries.
Georgia-based Savannah -- best known for its Dixie Crystals brand name -- said Monday it will accept the bid by Imperial Holly, a leading competitor based in Sugar Land, Texas, to be acquired for $18.75 a share in cash and stock.
In order to permit the deal, Savannah also said it has sent a notice to Flo-Sun Inc. to terminate their previously announced merger.
Savannah had planned to be merged into Flo-Sun's Florida Crystal subsidiary in exchange for 41.5 percent of the newly formed company. Savannah has agreed to pay Flo-Sun a termination fee of $5 million and to reimburse it for up to $3 million of expenses.
Flo-Sun has until midnight Thursday to make a counter proposal to acquire Savannah. Savannah said that discussions are continuing with both Flo-Sun and Imperial Holly.
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