DISNEY FAMILY MAKES BID FOR HOLLY SUGAR <HLY>
The Roy Disney family disclosed in a
filing with the Securities and Exchange Commission that it made
a bid to acquire Holly Sugar Corp for a package of cash and
securities.
    Shamrock Holdings of California Inc, a Disney family
company, said it submitted the bid on April 8 to Salomon
Brothers Inc, Holly Sugar's investment banker.
    The offer was for 45 dlrs in cash, securities with a face
value of 70 dlrs, and a "contingent payment certificate" that
would pay out as much as 70 dlrs over a 20-year period for each
share of Holly Sugar outstanding.
    The Disney family already holds 101,300 Holly Sugar shares
or 9.0 pct of the total outstanding following purchases of
12,500 shares March 13-April 17, Shamrock told the SEC.
    Shamrock said it had asked for certain information about
Holly Sugar's financial condition but had been turned down. It
said its offer was therefore subject to further discussions.
    "Once we have had an opportunity to complete our due
diligence evaluation of the company, including inspections of
certain facilities and meetings with key management personnel,
we would be prepared to negotiate all aspects of our proposal,
including price," it said in its April 8 letter.
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