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Ebro Puleva successfully completes tender offer for Riviana
Ebro Puleva SA, the European joint venture partner of Houston-based rice processor Riviana Foods, said last week it had completed the successful tender offer to purchase all of the outstanding shares of common stock of Riviana for U.S.$25.75 per share in cash.

According to the Bank of New York, the depositary for the offer, 13,947,076 shares of Riviana common stock were validly tendered in the initial offering period and subsequent offering period and not withdrawn. That figure was out of 14,529,823 shares of common stock then outstanding, or approximately 96% of all outstanding shares of common stock of Riviana.

Since it acquired more than 90% of Riviana’s outstanding shares, Ebro Puleva may bypass a special meeting of Riviana’s shareholders and create a "short-form" merger under the law in the U.S. state of Delaware, where the company is incorporated.

Ebro Puleva Partners has formed a wholly-owned subsidiary, Ebro Puleva, Inc., for the purposes of consummating the merger. On the consummation of the merger, Ebro Puleva, Inc., will be merged with and into Riviana and each remaining share of Riviana’s common stock will be converted into the right to receive $25.75 in cash, and Riviana will become a wholly-owned subsidiary of Ebro Puleva Partners.

Ebro Puleva and Riviana announced their intent to merge July 23.
MGR Archive 12.9.2004
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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