New Offer to Purchase U.S. Sugar
Florida's Everglades Deal With U.S. Sugar Faces Challenge From New Bid discusses how a Tennessee company is seeking to acquire U.S. Sugar Corp. We have discussed the U.S. Sugar ESOP Issues including the current plans by the state of Florida to Purchase 187,000 Acres of U.S. Sugar Land for $1.34 billion:
In letters to directors, executives and shareholders of U.S. Sugar, the largest grower of sugar cane in the U.S., closely held Lawrence Group disclosed plans to offer $300 a share for the company. However, because U.S. Sugar is also closely held, primarily by descendents of its founder and an employee ownership plan, it wasn't clear exactly how much the Lawrence offer would represent.
If the offer succeeds, it would prevent a landmark transaction by the South Florida Water Management District, which reached a final agreement last week to buy nearly all of U.S. Sugar's property and convert much of it back into a natural waterway as part of an environmental restoration of the Florida Everglades.
The 285 square miles of land sit along parts of the "River of Grass," the course of water that naturally flows between Lake Okeechobee, through the Everglades wetlands, and to the ocean. The deal is still pending final approval by the boards of U.S. Sugar and the water management district.
Lawrence Group says the deal is "far superior" to the state deal and would attempt to negotiate a new arrangement with the state to achieve the same environmental goals.