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Monday, July 2, 2007

Dallas-based Reddy Ice agrees to $1.1 billion buyout

By Pegasus News wire

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DALLAS — Reddy Ice Holdings, Inc. today announced that it has entered into a definitive merger agreement to be acquired by certain funds managed by GSO Capital Partners LP in a transaction with a total value of approximately $1.1 billion.

Meanwhile, Vanilla Ice would like to know if you're going to eat that

Photo not provided by Reddy Ice, Vanilla Ice

Meanwhile, Vanilla Ice would like to know if you're going to eat that

Under the terms of the merger agreement, Reddy Ice stockholders will receive $31.25 per share in cash for each common share of the company's stock they hold, representing a premium of approximately 9.6% over the company's closing share price of $28.52 on June 29, 2007 and a premium of approximately 20.8% over the average closing share price during the prior year.

Mr. William P. Brick, the company's Executive Chairman, remarked, "This transaction represents a great opportunity for Reddy Ice, its shareholders and its employees. GSO will be a strong partner for our CEO, Jim Weaver, the management team and the company's dedicated employees as they continue to build on their recent successes."

The merger is subject to the approval of the holders of a majority of the outstanding shares of the company's common stock as well as customary closing conditions. The transaction is expected to close in the fourth quarter of 2007.

Source: Reddy Ice

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Comments

DMBurrows Anonymous

Over a billion dollars for ice?? They understand this is frozen water and not the street stuff, right?

1 year, 3 months ago ( Link to this comment | Suggest removal )

kirk

kirk Anonymous

Reddy Ice is forecasting EBITDA of $100 million for 2007, so the purchase price doesn't seem too outrageous as long as they are growing and/or can cut costs.

1 year, 3 months ago ( Link to this comment | Suggest removal )

DMBurrows Anonymous

Wow. We'll I should have been buying stock vs. more bags of ice then.

1 year, 3 months ago ( Link to this comment | Suggest removal )

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