US food group Ralcorp Holdings has commenced a tender offer to acquire all of the outstanding shares of American Italian Pasta Co. (AIPC) for US$53 per share.
The cash offer is being made pursuant to the terms of the definitive merger agreement entered into between Ralcorp, Excelsior Acquisition Co., a wholly-owned subsidiary of Ralcorp, and AIPC on 20 June.
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The offer is scheduled to expire at 12 midnight, New York City time, on 22 July, unless extended, the firm said today (24 June).
In a statement, the board of directors of AIPC said it had unanimously determined that the offer and merger are “advisable, fair to and in the best interests of AIPC and its stockholders”.
AIPC earlier this week declined to comment on investigations by a number of law firms over its sale to Ralcorp.
Six law firms have since started investigations over concerns as to whether the board of directors of AIPC undertook a fair process to obtain fair consideration for all of the company’s shareholders.
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