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Oxnard, California, and San
Francisco, California
September 29, 2003
Seminis
(Nasdaq: SMNS), the world's largest developer, producer and
marketer of fruit and vegetable seeds, announced that it has
completed its previously disclosed merger with Seminis Merger
Corp. As a result of the merger, investment funds managed by
Fox Paine & Company LLC, a
San Francisco-based private equity firm, and
Savia S.A. de C.V. (BMV:
SAVIA; NYSE: VAI), along with certain related entities, acquired
control of Seminis. As a result, Seminis will be privately held,
will no longer be a subsidiary of Savia and Seminis' shares will
no longer be listed on the Nasdaq National Market. Public
shareholders will receive $3.78 per share in the merger.
Savia participates in industries
that offer high growth potential in Mexico and internationally.
Among its main subsidiaries are: Seminis, a global leader in the
development, production and commercialization of fruit and
vegetable seeds; Bionova, a grower and marketer of fresh
produce; and Omega, a real estate development company.
Seminis, Inc. is the world's largest
developer, producer and marketer of vegetable seeds. The company
uses seeds as the delivery vehicle for innovative agricultural
technology. Its products are designed to reduce the need for
agricultural chemicals, increase crop yield, reduce spoilage,
offer longer shelf life, create better tasting foods and foods
with better nutritional content. Seminis has established a
worldwide presence and global distribution network that spans
150 countries and territories.
Fox Paine & Company, LLC manages
investment funds in excess of US$1.5 billion, providing equity
capital for corporate acquisitions, company expansion and growth
programs and management buyouts. The Fox Paine funds are managed
on behalf of over 50 leading international financial
institutions, including major governmental and corporate pension
systems, Fortune 100 companies, major life and property &
casualty insurance and reinsurance companies, money center and
super regional commercial banks, investment banking firms, and
university endowments. Fox Paine was founded in 1997 by Saul A.
Fox, a former general partner of Kohlberg Kravis Roberts & Co.,
and W. Dexter Paine, III, a former general partner of Kohlberg &
Co. |
