Farming company offers to buy US Sugar
CLEWISTON, Fla. (AP) _ A Tennessee-based company has made a formal offer to buy U.S. Sugar Corps’ operations in the Everglades.
The Lawrence Group says it made the offer Saturday to purchase the company for $300 a share, or about $550 million.
Last week, U.S. Sugar, the nation’s largest producer of cane sugar, agreed to sell its nearly 300 square miles of farmland for $1.34 billion to the state of Florida, which will use the land for Everglades restoration. That deal must first be approved by the boards of U.S. Sugar and the South Florida Water Management District.
The Lawrence Group says it would sell land needed for restoration to the state, but would continue to operate U.S. Sugar “for years to come.”