Press Release Source: Fresh Del Monte Produce Inc.
Fresh Del Monte Produce Inc. Wins Lawsuit Brought by Former Indirect Minority Shareholders
Friday November 17, 4:24 pm ET
CORAL GABLES, Fla.--(BUSINESS WIRE)--Fresh Del Monte Produce Inc. (NYSE:FDP - News), today announced that the jury hearing the lawsuit in Miami-Dade County Circuit Court brought by certain former indirect minority shareholders, as originally announced in the Company's December 31, 2002 press release, returned a verdict in favor of the Company and its co-defendants.
Yes, but such a legal overhang is a barrier to doing certain deals. Removing this overhang means more is possible. I have long maintained that this mgmt does not want to run a public company. A tender for shares or mgmt led buyout with a private equity partner is now more doable without the prospect of a fraudulent conveyance verdict hanging about. I still think we will see a tender for shares at $17-$19 in 2007.