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FREEHOLD, N.J. -- A three-member committee comprising directors of Foodarama Supermarkets, Inc. here has advised the company's shareholders to accept an offer of $53 a share from an investor group interested in taking the publicly traded company private, according to published reports.
Foodarama c.e.o. Richard J. Saker, company founder and chairman Joseph J. Saker, and other members of the Saker family head up the investor group. The Sakers now own 51 percent of the shares of Foodarama, an operator of 26 New Jersey ShopRite stores. The group originally offered $52 a share in December, but raised its bid $1 per share in February.
The three committee members appointed to review the deal are independent members of the company's board of directors. According to Foodarama, Chicago-based independent financial adviser William Blair & Co., LLC determined that the tender offer was financially fair to the minority shareholders.
Foodarama's shareholders and Elizabeth, N.J.-based parent company Wakefern Food Corp. would both have to approve the deal before it could go through.