Sherwood offers to acquire Rentech for $2.28 per share

By Lisa Kerner

Charlotte, N.C., Dec. 18 - Sherwood Investments Overseas Ltd. offered Rentech, Inc. $2.28 per share for all of its issued and outstanding common stock, it was announced on Tuesday.

Sherwood said its offer is a 30% premium to Rentech's closing price on Monday.

In a letter to Rentech chief executive officer Hunt Ramsbottom, Sherwood noted its accumulated interest of some 5.29 million shares, or 3.24% of Rentech's outstanding shares.

As previously reported, Sherwood suggested a $2.70-per-share buyout of the company in a November letter to Ramsbottom.

At that time, Sherwood owned 4.68 million shares, or 2.86% of Rentech's outstanding shares.

Rentech, based in Los Angeles, develops gas-to-liquid and coal-to-liquid synthetic fuels.

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