Cagle Family Withdraws Offer to Purchase Cagle's Inc.
Atlanta, Georgia (March 11, 2008) - Cagle's Inc. announced today that the group consisting of James Douglas Cagle, the company’s President and Chief Executive Officer, his two sons, and a limited liability company controlled by members of the Cagle family has given notice that it is withdrawing its offer to acquire approximately 36% of the company’s stock. The principal reason cited for the withdrawal of the offer was the deterioration of credit markets.
The offer contemplated a merger between the company and an entity created by the Cagle family group. Pursuant to the offer, the Cagle family group would have paid the company’s shareholders $9.00 per share in cash.
Cagle’s, Inc. is engaged in the production and processing of fresh and frozen poultry products. The common stock of the company is traded on the American Stock Exchange under the symbol CGLA.
