Louis Dreyfus Commodities LLC to buy Imperial Sugar Co (IPSU, quote).  Imperial Sugar has agreed to be purchased by company Louis Dreyfus Commodities LLC via an all cash agreement that values the sugar refiner roughly at $78 million. 

The agreement offers shareholders $6.35 per share 57% premium to its Monday close which is greatly shy of Imperial Sugar Co (IPSU, quote) 52 week high of $25.68.  Premium is based on Monday’s price which does not contain the news of the upcoming deal.

The deal has been unanimously approved by Imperial Sugar's (IPSU, quote)board but does not come with dispute. The Law office of Brodsky & Smith, LLC has announces it is investigating potential claims against the Board of Directors of Imperial Sugar Company relating to the proposed acquisition by a subsidiary of Louis Dreyfus Commodities LLC.

The press release goes on to state:

“Under the terms of the transaction, Imperial Sugar Company shareholders would receive only $6.35 in cash for each share of Imperial Sugar stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Imperial Sugar for not acting in the Company's shareholders' best interests in connection with the sale process to Louis Dreyfus. The transaction may undervalue Imperial Sugar as Imperial Sugar stock traded at $24.49 on August 2, 2011 and traded at $7.03 as recently as February 13, 2012. In addition, an analyst has set a price target for Imperial Sugar stock at 20.00 per share.”