Buyout Bid Threatens Everglades Protection Plan

Farming company offers to buy US Sugar
By Sarah Quinn,  Newser Staff
Posted Nov 21, 2008 12:36 PM CST
A sugarcane field is seen in Belle Glade, Fla., July 24, 2008.   (AP Photo/J. Pat Carter)
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(Newser) – A possible new bid has thrown a wrench into the state of Florida's plan to buy most of US Sugar's land for $1.34 billion and use it to help restore the Everglades, the St. Petersburg Times reports. The Lawrence Group, which has tried twice before to buy US Sugar, says it plans to offer a "far superior" deal for $300 a share, but the bid is not yet official.

"Our offer contemplates selling you the land needed to accomplish this worthy undertaking at a huge savings to the taxpayers when compared to the current US Sugar proposal," the Tennessee-based Lawrence Group said in a letter to state officials.