Cagle's, Inc has received an acquisition proposal from a group consisting of James Douglas Cagle, the company's president and CEO, his two sons, who are both vice presidents of the company, and a limited liability company (LLC) controlled by the Cagle family.
The proposal contemplates a merger between the company and the group, which would pay the company's shareholders $9.00 per share in cash. The group has indicated that it is interested only in acquiring the publicly held shares of the company, and has no interest in selling its shares in the company in the event of a competing offer.
Cagle's is a US-based firm that began as a poultry shop, set up by James's father, George, in 1945. It now turns over in excess of $230 million. The Cagle family currently owns 64% of the firm and this transaction would see it acquire the remaining stock.