November 13, 2007

Cagle family to buy Cagle's Inc

Atlanta-based poultry processor Cagle's Inc. on Monday (November 12) said it has received a buyout proposal from Cagle family members.

The group, which consists of President and CEO James Douglas Cagle; his two sons, who are both company vice presidents; and a limited liability company controlled by the Cagle family, currently owns 64 percent of the company's stock.

Pursuant to the proposal, the Cagle family group would buy the remaining outstanding shares traded on the American Stock and Options Exchange. The group is offering US$9 per share in cash, which represents a premium of 21.6 percent over the Nov. 9, 2007, closing price.

Cagle's Inc.'s board of directors has appointed a special committee of independent directors to review the proposed transaction on behalf of minority shareholders.