A proposal that would see Regina based AGT Food and Ingredients Inc. (AGT) become a privatized company, is now being reviewed by an independent committee.
According to a press release, the company had received a non-binding proposal from a group comprised of certain members of its management group, led by President and Chief Executive Officer, Murad Al-Katib.
Under the terms of the proposal, the management group would pay $18 cash for each of the company’s common shares, a 37 per cent premium to the closing price of the Common Shares on July 25, 2018. The proposal also allows Fairfax Financial Holdings Limited and Point North Capital Inc. to retain their equity interests in AGT and current members of the senior management team will remain in their current management positions after completion of the transaction.
“There is no set timetable with respect to the Independent Committee’s review, and AGT does not expect to make further public comment regarding these matters unless and until the Independent Committee approves a specific action or otherwise concludes its review,” the organization said in the statement.
AGT produces a range of pulses and specialty crops including lentils, peas, chickpeas and canary seed as well as food ingredients such as flour and starch for export and domestic markets. The company is also a supplier of retail packaged and canned foods to retail and food service sectors.
On Twitter: @nigelmaxwell
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