SANTA PAULA, CA - More updates have hit the citrus and avocado sector! A recent announcement has unveiled that Limoneira Company is commencing a process to explore potential strategic alternatives with the goal of maximizing value for stockholders.
“Over Limoneira’s 130-year history, it has grown into one of the leading, sustainable agribusiness companies in the world with over 11,100 acres of valuable lands, real estate properties, and senior water rights,” Scott S. Slater, Chairperson of the Board, stated. “Over the past 18 months, we have developed a strategic roadmap intended to enhance near and long-term shareholder value.”
According to a press release, the Board is exploring a range of potential alternatives including, but not limited to, a sale of all or parts of the company, merger, and other potential strategic transactions.
The Board has retained Stephens as its financial advisor and Squire Patton Boggs (US) as its legal advisor to assist with the exploration of alternatives.
“Today, we consider ourselves to be in a strong financial position, having recently reduced our net debt position and rightsized the balance sheet through our ongoing strategic shift toward an asset-lighter business model,” Slater continued. “Given the Board’s belief that there is a disconnect between Limoneira’s public market value and the intrinsic value of our company’s underlying assets, the Board believes it is the right time to explore all strategic options to prioritize the company’s growth and stockholder value.”
Limoneira Company has not set a timetable for the conclusion of this process, and there can be no assurance that it will result in any transaction or other strategic change or outcome.
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