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Article: Savannah Foods Accepts Revised $20.25 Per Share Bid From Imperial Holly
- Article from:
- PR Newswire
- Article date:
- September 12, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SUGAR LAND, Texas, Sept. 12 /PRNewswire/ -- Savannah Foods & Industries, Inc. (NYSE: SFI), a sugar refiner and distributor based in Savannah, Georgia, and Imperial Holly Corporation (Amex: IHK), a producer and marketer of refined sugar, announced they have entered into a merger agreement pursuant to which Imperial Holly will acquire Savannah Foods at a price of $20.25 per share of Savannah Foods common stock, comprised of 70% cash and 30% Imperial Holly common stock.
The merger agreement provides that Imperial Holly will commence a cash tender offer for 50.1% of the Savannah Foods shares at $20.25 per share in cash, to be followed by a merger in which 30% of ...