Sherwood Offers Rentech $2.28 per Share
Tuesday December 18, 12:44 pm ET
biz.yahoo.com
ORLANDO, Fla., Dec. 18 /PRNewswire/ -- Sherwood Investments Overseas Ltd. announced today that it has offered Rentech, Inc. (AMEX: RTK - News) $2.28 per share for all of its issued and outstanding common stock. The text of Sherwood's letter to Rentech CEO Hunt Ramsbottom follows:
December 18, 2007 Via Fax & Mail
Subject to Contract
Dear Mr. Ramsbottom,
Further to our letter of November 19, 2007, Sherwood Investments Overseas Ltd. has now accumulated an interest in 5,292,000 shares of Rentech, Inc. (RTK) representing 3.24% of the shares outstanding.
Over the past month we have had several discussions with various shareholders and while we have not been able to reach agreement on a course of action, there does appear to be some general frustration with the value that the market is ascribing to Rentech. Nonetheless, we remain excited by Rentech and its prospects. Consequently, Sherwood Investments has decided to offer $2.28 per share for all of the outstanding shares of Rentech, Inc. subject to appropriate due diligence and the reaching of acceptable terms. This offer represents a premium of more than 30% to your closing price last night. Please understand that this is an offer and not an "offer to make an offer".
We look forward to sitting down with management so that we can expeditiously negotiate the details of a transaction.
Yours sincerely,
Julian M. Benscher
Authorized Signatory
Sherwood Investments Overseas Limited
For additional information regarding this press release, please contact: Scott Bennett, Public Relations Representative, Sherwood Investments Overseas Ltd., Tel. (352) 429-2101. |
