The dry pasta producer Dakota Growers Pasta Company, has announced the commencement of a tender offer of up to 3,920,000 shares of its common stock, or approximately 29.8% of its 13,169,382 shares currently outstanding, at a purchase price of US$10.00 per share.
The company said that shareholders may tender as many shares as they wish, but the company will not be obligated to buy more than a total of 3,920,000 shares of common stock. The tender offer expires on 24 April, 2007.
As it previously announced, Dakota Growers Pasta is conducting the tender offer as an additional way to provide liquidity to shareholders. The tender offer is also an integral part of, and a condition to, the investment by MVC Capital and La Bella Holdings.
Dakota Growers Pasta is the third largest manufacturer and marketer of dry pasta products in North America, and includes the Dreamfields Healthy Carb Living Pasta in its range.
