RIDGEWOOD, N.Y. -- Western Beef here said it has cleared one of the final hurdles in its year-long effort to go private.
ast year, Cactus Acquisition -- a company formed by Peter Castellana Jr., Western Beef president, and his family -- offered to buy the 28.4% of Western Beef stock it did not own for $7.50 per share.
One shareholder objected, filed suit in Delaware Chancery Court and then settled when the company raised its price $1.25 per share. The deal will cost Western Beef an additional $13.6 million.
A company spokesman told SN the deal should close as soon as Western Beef secures a bank loan to pay off the shareholders.
Western Beef operates 23 food markets and is also a wholesaler dealing primarily in beef, pork, poultry and private-label groceries in New York, New Jersey and eastern Pennsylvania.