Archer Daniels Midland Company Tenders Shares of Agricore United to Revised Bid by Saskatchewan Wheat Pool Inc.
CHICAGO--(BUSINESS WIRE)-- Archer Daniels Midland Company (“ADM”) announced that it has tendered all of the limited voting common shares (the “Common Shares”) of United Grain Growers Limited, doing business as Agricore United (“AU”), that it beneficially owns or controls to the revised take-over bid made on May 17, 2007 by Saskatchewan Wheat Pool Inc. (the “Revised SWP Offer”) for all of the outstanding Common Shares for C$20.50 in cash per Common Share. ADM beneficially owns or controls 16,635,497 Common Shares, representing approximately 28% of the outstanding Common Shares.
In accordance with the terms of the Revised SWP Offer, the tendering of ADM’s Common Shares to the Revised SWP Offer constitutes the granting of a proxy to vote for the continuance of AU under the Canada Business Corporations Act (the “Continuance”) and the plan of arrangement involving, among others, AU, holders of Common Shares and Saskatchewan Wheat Pool Inc. under the Canada Business Corporations Act (the “Arrangement”).
ADM has tendered all of the Common Shares it beneficially owns or controls to the Revised SWP Offer and will vote for the Continuance and the Arrangement in accordance with ADM’s existing contractual arrangements with AU.
For further information, or to obtain a copy of the report filed with the Canadian securities regulatory authorities, please contact:
ADM Media Relations