| Talks between the Rocky Mountain Sugar Beet Growers
Cooperative and Tate and Lyle are progressing, according to Randon Wilson,
a Salt Lake City - based attorney representing the group. The Rocky
Mountain Sugar Beet Growers Cooperative is looking into a possible
purchase of Western Sugar Company, which is owned by Tate and Lyle of
London, England.
Since the completion of a feasibility study last month, the cooperative
has sent a letter of intent to Tate and Lyle.
"They responded almost immediately with a counter-proposal,"
said Wilson.
Wilson said the cooperative is currently studying the counter-proposal
during the on-going negotiations.
"We are anxious to keep the negotiations moving," Wilson
said.
"We hope to send the growers a letter outlining the specific
terms," said Wilson.
In the letter, Wilson said he hopes to let the growers know what will
happen next and what kind of time frame to expect, as well as when he will
schedule meetings with the growers.
"We still need to nail down funding for the cooperative so we can
let the growers know what their share will be," the attorney
explained.
Wilson said it will be after the first of the year before they could
have the transaction wrapped up.
"We need to have something determined before the end of Tate and
Lyle's fiscal year on March 31," Wilson said.
"The growers will also want to know who they are growing for
before they plant," he added. |