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Council delays decision on Limco stock tender offer; asks staff for donor-history check and extension request
Summary
The council discussed a confidential tender offer to buy the city’s Limco (Limoneira-linked) partnership shares and directed staff to seek an extension and to research the original donors' intent before deciding.
City officials told the Santa Paula City Council on June 18 that the city holds 1,488 shares in a Limoneira-related partnership and that Limoneira has offered to purchase shares at $70 each. Council members asked for more time and directed staff to seek an extension of the tender-offer deadline and to research any donor restrictions attached to the shares before deciding whether to sell.
A staff presentation described the holdings as part of a community-center endowment gifted to the city decades ago. Staff said the city’s holdings amount to…
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