• Reddy Ice agrees to be acquired by GSO

    Reddy Ice Holdings Inc, a producer and distributor of packaged ice, has entered into a definitive merger agreement to be acquired by certain funds managed
    Oct. 1, 2007

    Reddy Ice Holdings Inc, a producer and distributor of packaged ice, has entered into a definitive merger agreement to be acquired by certain funds managed by GSO Capital Partners LP. The transaction has a total value of about $1.1 billion.

    Under terms of the agreement, Reddy Ice stockholders will receive $31.25 per share in cash for each common share of the firm's stock they hold. This represents a premium of around 9.6% over the closing share price of $28.52 on June 29.

    Under the merger agreement, the company may solicit proposals for alternative transactions from third parties for a 45-day period ending Aug 16, 2007. There can be no assurances that this will result in an alternative transaction.

    This merger is subject to approval of a majority of shareholders of Reddy Ice's common stock, as well as customary closing conditions. The transaction is expected to close in fourth quarter 2007.

    Sign up for our free eNewsletters

    Voice Your Opinion!

    To join the conversation, and become an exclusive member of FleetOwner, create an account today!