Agricore shareholders approve buyout

by Eric Schroeder
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WINNIPEG, MAN. — Agricore United, Canada’s largest grain handler, said 99.99% of its shareholders approved the takeover of all the company’s shares on June 13 by the Saskatchewan Wheat Pool.

As part of the transaction, the S.W.P. will acquire all of Agricore’s limited voting shares for C$20.50 in cash and its series A convertible preferred shares for C$24.00 in cash plus accrued and unpaid dividends.

A hearing on the final approval of the arrangement is scheduled to be heard by the Manitoba Court of Queen’s Bench on June 15.

In addition, Agricore announced chief executive Brian Hayward had retired, leaving S.W.P. c.e.o. Mayo Schmidt in charge of the grain handler.

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