Here are recent offers that were made to purchase Grove Farm, in the order of when they came and ending with the one that was accepted: 1. Scott A. Blum: $125 a share, $21.4 million total, December 1999. Outcome: Not
Here are recent offers that were made to purchase Grove Farm, in the order of when they came and ending with the one that was accepted: 1. Scott A. Blum: $125 a share, $21.4 million total, December 1999. Outcome: Not approved by requisite 75 percent of shareholders 2. Honu Group: $130 a share, $22.2 million total, May 2000. Outcome: Better offer made later by Honu, a Honolulu investment group.
3. Honu Group: $136 a share, $23.3 million total, July.
Outcome: Yet another, higher offer made by Honu.
4. Honu Group: $140 a share, $23.9 million total, August. Outcome: Grove Farm special shareholder committee determined “Honu Group did not provide adequate evidence of its financial ability to finance the transaction, and no agreement was reached regarding the terms of the definitive agreement.” 5. ALPS (group headed by Steve Case, chairman of America Online): $152 a share, $26 million total, October. Outcome: Approved by majority of shareholders Dec. 1.
Source: Grove Farm merger document