Perhaps you heard a while ago that Dallas-based Reddy Ice was ready to sell to a private equity group for $31.25 per share, or about $1.1 billion. Not so fast, says Shamrock Capital Advisors, which owns about 5.4 percent of the company. Shamrock thinks Ice is (almost) twice as nice:
Shamrock said, based on future cash flow, it valued the company between $42 and $44 a share. This is about 34 percent to 41 percent above GSO’s offer.
Business- and ice-related puns that I considered making but somehow resisted: “frozen assets,” “auction block,” and “war chest.” You’re welcome.
