Madrid, Spain, September 5, 2004 – Ebro Puleva S.A. (Mercado Continuo: EVA) today announced the successful completion of the acquisition of all of the outstanding shares of common stock of Riviana Foods Inc. (Nasdaq: RVFD).
The acquisition was completed on September 2, 2004 by the merger of Ebro Puleva, Inc., an indirect wholly-owned subsidiary of Ebro Puleva, with and into Riviana in a “short form” merger in accordance with Delaware law. As a result of the merger, Riviana is now an indirect wholly-owned subsidiary of Ebro Puleva.
The merger follows a cash tender offer for all the outstanding shares of common stock of Riviana at a price of US$25.75 per share, which was completed upon the expiration of a subsequent offering period on September 1, 2004. As a result of the merger, each outstanding share of Riviana common stock has been automatically converted into the right to receive US$25.75 per share in cash, without interest. Former Riviana shareholders who did not tender their shares in the tender offer will receive a Letter of Transmittal that will instruct them as to how to receive the US$25.75 per share payment.
About Ebro Puleva S.A.
Ebro Puleva S.A. is the number one group in the Spanish food sector in terms of turnover, profits and market capitalisation. It is leader in the sugar, rice and dairy sectors and has a wide array of leading brands, such as Puleva®, Ram®, Leyma® and El Castillo® in the dairy sector; Azucarera® and Sucran® in the sugar sector; and Brillante®, Nomen®, La Cigala®, La Fallera®, Oryza®, Bosto®, Reis Fit®, Riceland®, Danrice® and Risella® in the rice sector. Visit our website at www.ebropuleva.com
About Riviana Foods
Based in Houston, Texas, Riviana Foods Inc. is one of the largest processors, marketers and distributors of branded and private label rice products in the United States. Principal brands include Mahatma®, Carolina® and Success®. The Company has additional food operations in Central America and Europe. Visit Riviana´s website at www.riviana.com
Forward Looking Statements:
Statements in this press release that are not historical, are forward-looking statements that are estimates reflecting the best judgement of Ebro Puleva based on currently available information. Such forward-looking statements involve actual knowledge and unknown risks, uncertainties, contingencies, and other factors that could cause actual results, performance or achievements to differ materially from those stated. Such risks, uncertainties, contingencies and other factors, many of which are beyond the control of Ebro Puleva and Riviana, include, but are not limited to the satisfaction of the conditions to closing, general economic factors and capital market conditions, and general industry trends. None of Ebro Puleva, Ebro Puleva Partners or Riviana, undertakes any obligation (and they expressly disclaim any such obligation) to update or alter any forward-looking statements whether as a result of new information, future events or otherwise.
This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. Ebro Puleva S.A. has filed with the United States Securities and Exchange Commission (the “Commission”) a tender offer statement on Schedule TO, as amended, and Riviana Foods Inc. has filed with the Commission a solicitation/recommendation statement on Schedule 14D-9, as amended, with respect to the tender offer. Riviana stockholders are advised to read Ebro Puleva’s tender offer statement, as amended, and Riviana’s solicitation/recommendation statement, as amended, because they contain important information about Ebro Puleva, Riviana, the tender offer and the merger. Riviana stockholders may obtain free copies of these statements from the Commission’s website at www.sec.gov, or by contacting Georgeson Shareholder Communication Inc., toll-free at (800) 223-2064.