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That's because New York-based hedge fund GSO Capital Partners LP announced this morning it's spending about $1.1 billion to buy Dallas-based Reddy Ice. And stockholders in Reddy Ice stand to make a decent haul from the buyout: Says the comapny's release, they'll cool down with $31.25 per share in cash for each common share, which is well over the June 29 closing share price of $28.52. And that's after Reddy lowered its income projection for the year, based on, ya know, bad weather. But the party people always need their bag o' ice, no matter a little sprinkle. --Robert Wilonsky
Keep the Dallas Observer Free... Since we started the Dallas Observer, it has been defined as the free, independent voice of Dallas, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Dallas with no paywalls.
