Parrish & Heimbecker to acquire Dover shares
December 05, 2008
by Eric Schroeder
BURLINGTON, ONT. — Parrish & Heimbecker, Ltd., which operates a variety of subsidiary companies covering all aspects of the agricultural field, has reached agreement to acquire all the outstanding common shares of Dover Industries Ltd. that it does not already own. Currenly, Parrish & Heimbecker owns 25% of Dover.
Under terms of the agreement, Parrish & Heimbecker would paid $19.25 per common share to Dover shareholders, representing a 39% premium to Dover’s closing price on the Toronto Stock Exchange on Dec. 4. The transaction will be voted on by Dover shareholders at a special meeting expected to take place in late January.
"P&H has been a shareholder and wheat supplier of Dover for many years," said John Heimbecker, chairman of the special committee of the board of P&H. "We are thrilled at the prospect of putting these two great companies together."
Founded in 1909, Parrish and Heimbecker is involved in many aspect of agri-business, including grain procurement and merchandising, flour milling, animal feed production, poultry farming and poultry processing. The companies associated businesses include New-Life Mills Ltd., P&H Foods, Golden Valley Farms Inc., Cook’s, Ellison Milling Co., and Parrheim Foods.
Dover Industries operates flour mills in Ontario, Nova Scotia, Saskatchewan and Quebec, as well as a paper products division and ice cream cone and plastics plant in Ontario.