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Article: Savia Will Distribute Its Shares of Seminis; Fox Paine Will Invest US$222 Million to Acquire Shares in Seminis; Transaction Valued In Excess Of US$650 Million.
- Article from:
- Business Wire
- Article date:
- December 13, 2002
CopyrightCOPYRIGHT 2002 Business Wire. 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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Business Editors
MONTERREY, Mexico & SAN FRANCISCO--(BUSINESS WIRE)--Dec. 13, 2002
Savia, S.A. de C.V. (BMV:SAVIA) (NYSE:VAI) today announced that it has signed a letter of intent with Fox Paine & Company, LLC, a San Francisco-based private equity firm, under which Fox Paine, and certain Savia related parties will acquire all of the outstanding shares of Seminis, Inc. (Nasdaq:SMNS), the world's largest developer, producer and marketer of fruit and vegetable seeds. The proposed transaction has a total enterprise value in excess of US$650 million.
As part of the transaction Savia will exchange its Seminis Class C preferred shares for ...