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Back in early July, Reddy Ice Holdings Inc. (NYSE: FRZ) announced a $1.1 billion going-private transaction with GSO Capital Partners. Reddy is a manufacturer and distributor of packaged ice, serving about 82,000 locations in 31 states. However, because of adverse weather, especially in Texas and Oklahoma, the company has experienced some softness in its results.
Well, an activist fund, Shamrock, is not convinced and thinks the price tag is "grossly inadequate." In fact, the firm plans to vote "no" on the deal.
Shamrock thinks Reddy is worth about $42 to $44 per share. Keep in mind that the current buyout offer is $31.25.
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