Oxnard, California
September 8, 2003
Seminis, Inc. today
announced that its stockholders approved its previously
announced merger agreement relating to the proposed transaction
with Fox Paine & Company, LLC,
a San Francisco based private equity firm, Savia, S.A. de C.V.,
Seminis' majority stockholder, and certain related parties.
Subject to satisfaction of applicable closing conditions,
including obtaining the necessary financing, Seminis currently
expects to complete the merger by the end of September 2003.
Following completion of the merger, public holders of
approximately 15.1 million Seminis shares will receive cash
consideration of $3.78 per share, Seminis will be privately held
and Seminis shares will no longer be listed on The Nasdaq
National Market.
Seminis, Inc. is the
largest developer, producer and marketer of vegetable and fruit
seeds in the world. Seminis uses seeds as the delivery vehicle
for innovative agricultural technology. Its products are
designed to reduce the need for agricultural chemicals, increase
crop yield, reduce spoilage, offer longer shelf life, and create
better tasting foods and foods with better nutritional content.
Seminis has established a worldwide presence and global
distribution network that spans 150 countries and territories |