Shermen WSC Acquisition Corp SPAC Enters Into Merger Agreement with ED&F Man Holdings
Shermen WSC Acquisition Corp. SPAC (OTCBB: SACQU) announced that it has entered into an agreement with ED&F Man Holdings Limited to merge with ED&F Man’s bulk liquid storage and liquid animal feed supplement businesses.
Shermen priced its $138 million IPO on the OTC BB on May 23, 2007. The agriculture-focused SPAC is helmed by Francis P. Jenkins, Jr., CEO, of Royster-Clark, First Boston, G. Kenneth Moshenek, COO, of Royster-Clark, John E. Toffolon, Jr., CFO, of First Boston, Nomura Securities, Cowen Group, and Gregory St. Clair, VP, of Royster-Clark, IMC AgriBusiness, Dekalb Genetics Corporation.
As part of the transaction, ED&F Man will transfer its businesses to Shermen in exchange for $103.0 million in cash and a combination of newly issued common and convertible preferred shares of Shermen valued at approximately $165.1 million. ED&F Man is a leading global supplier of a broad range of commodity products, including sugar, molasses, animal feed, tropical oils, biofuels and coffee to multinational and industrial consumers.
Comments
Leave a comment Trackback