Law360, New York (May 07, 2012, 4:22 PM ET) -- A shareholder hit Imperial Sugar Co. with a derivative suit Friday in Texas seeking to block the sale of the company to a subsidiary of privately held Louis Dreyfus Commodities LLC, calling the proposed purchase price of $77.5 million "grossly inadequate."
In a suit launched just days after the $6.35-per-share cash tender offer was announced, shareholder Charles Gruber accused Imperial Sugar's directors of ignoring the fact that the stock was on its way back up and that selling the company at such a low price grossly...
Imperial Sugar Investor Sues To Block $78M Sale
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