Lawrences’ Third Offer to Purchase Company Rewards Shareholders While Providing State with Viable Solution to Restore Water Flow to Everglades

NASHVILLE, Tenn. (Business Wire EON/PRWEB ) November 20, 2008 -- The Lawrence Group, lead by Gaylon Lawrence, Sr. and son Gaylon Lawrence, Jr., one of the nation’s largest owners of farm land, announced a $300 per share acquisition proposal to the shareholders of Clewiston-based U.S. Sugar Corporation. Major U.S. Sugar shareholders include the U.S. Sugar Employee Stock Ownership Plan, Charles Stewart Mott Foundation, Mott Children’s Health Center, Flint Community Foundation and Mott family members.

This deal is a 'win-win' for everyone including the environment, the South Florida Water Management District, shareholders, employees, surrounding communities and citizens of Florida

Our offer is far superior to the one management of U.S. Sugar is trying to sell to the state – on several fronts. U.S. Sugar shareholders will receive $300 cash for their shares at closing, which if invested in investment grade corporate bonds, would yield more than $500 by the end of 2016 – without uncertainty.

We are committed to selling the land that the South Florida Water Management District needs to build this worthy project

It is still a complex work-in-progress, one we are fully committed to accomplishing as stewards of the land.

In a memo to employees dated November 11, 2008, U.S. Sugar management claimed its most recent offer to the South Florida Water Management District would provide shareholders with as much as $365 per share by 2016. In reality, this plan locks them in for eight years, without giving individual shareholders the ability to sell their shares. Finally, it gives no assurances as to what those shares will be worth once the land is transferred to the state.

The Lawrence acquisition proposal, on the other hand, offers shareholders $300 per share, guaranteed. It also assures the employees and surrounding communities that U.S. Sugar will continue operating as a going concern for years to come. This will most certainly preserve jobs and help stabilize home values.

Previously, the Lawrences made bids of $293 per share to buy U.S. Sugar, once in 2005 and again in 2007, but those offers were both rejected by the board of directors without informing the shareholders. This time, the Lawrences are appealing to the shareholders directly with hopes they will recognize the generous $300 per share purchase price while also providing that the company will operate well beyond 2016.

In environmental terms, the Lawrence and state proposals both help accomplish Governor Crist’s goal of restoring the north-south hydrology between Lake Okeechobee and the Everglades, with two major differences. First, U.S. Sugar’s 181,000-acre land purchase proposal has the state acquiring tens of thousands of acres over and above what the South Florida Water Management requires to meet its goals. The Lawrence proposal will cost taxpayers a fraction of the $1.34 billion price tag. Secondly, it will preserve the jobs of the employees and contribute to the economic vitality of the local communities located south of Lake Okeechobee.

“We are committed to selling the land that the South Florida Water Management District needs to build this worthy project,” said Lawrence, Jr. “It is still a complex work-in-progress, one we are fully committed to accomplishing as stewards of the land.”

The deal is expected to close in 2009.

About The Lawrence Group: The Lawrence Group is a d/b/a representing the holdings of Gaylon Lawrence, Sr. and Gaylon Lawrence, Jr. The Lawrences have more than 75 years experience operating large farming enterprises. They own and manage one of the largest row crop farming enterprises in the country, including land in Illinois, Missouri, Arkansas, Mississippi and Florida. Florida holdings include one of the state’s largest grove ownerships and a packing plant owned and operated by Premier Citrus. In addition, the Lawrences own air conditioning distributorships covering California, Nevada, Utah, Idaho and Florida. They also own five community banks with 15 offices in small towns located in northeast Arkansas, southeast Missouri and Tennessee.

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