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Golden Oval Eggs of Renville sells assets to Iowa egg producer and processor

Iowa company to acquire assets of Golden Oval Eggs

RENVILLE -- Rembrandt Enterprises Inc., an egg producer and processor with facilities in Rembrandt, Iowa, and other Midwestern locations, and Golden Oval Eggs LLC of Renville, a leader in liquid egg production and further processed egg products, have announced that Rembrandt Enterprises has entered into an agreement under which Rembrandt would acquire Golden Oval's business assets.

Golden Oval, established in 1994, operates egg production facilities in Minnesota and Iowa with further processing and distribution facilities in Alabama, Missouri and California.

Rembrandt will pay approximately $123.75 million in cash to Golden Oval (as adjusted to reflect Golden Oval's working capital at closing) and will assume certain Golden Oval liabilities.

The proposed transaction is subject to regulatory approval and the approval of Golden Oval members. The transaction is expected to close early in 2009 and has been unanimously approved by the boards of Rembrandt and Golden Oval Eggs.