Replace 3:10pm: Provides U.S. Sugar remark.
A decide has denied the Dept. of Justice’s request to dam U.S. Sugar Corp.’s deliberate acquisition of Imperial Sugar Co.
The choice was filed beneath seal, in line with a Reuters report. Decide Maryellen Noreika dominated on the deal.
The DOJ sued to block U.S. Sugar’s buy of Imperial Sugar in late November, claiming that the acquisition would remove a “vital refined sugar producer” within the Southeastern United States.
U.S. Sugar, which is predicated in Florida, is the world’s largest vertically-integrated cane sugar milling and refining operation, in line with the DOJ assertion. Imperial Sugar is a wholly-owned subsidiary of Louis Dreyfus Firm LLC.
U.S. Sugar agreed to purchase Imperial Sugar in March of final yr.
U.S. Sugar commented on the choice in an e mail to Looking for Alpha.
“The individuals of U.S. Sugar are happy that at present’s court docket ruling will permit our acquisition of Imperial Sugar to proceed as deliberate: enabling us to extend our sugar manufacturing, improve the native Georgia economic system and profit our staff and clients,” U.S. Sugar stated within the assertion.
The DOJ did not instantly reply to request for remark.
M&A traders have been monitoring the case, particularly because the DOJ, beneath head Jonathan Kanter, has pledged to be extra vigilant about antitrust issues. This week traders have been targeted on whether or not Kanter and the DOJ plan to attraction the loss within the Change Healthcare (CHNG) case.
Kanter stated on Tuesday that stated he disagrees with resolution and was evaluating subsequent steps.
“We respectfully disagree with the court docket’s resolution and are reviewing the opinion intently to judge subsequent steps,” Kanter stated in a statement.