AGP rejects hostile takeover attempt
October 3, 2007
BY Michael Shirek
Web exclusive posted Oct. 15, 2007, at 1:00 p.m. CDT
Ag Processing Inc. (AGP) announced Oct. 12 that it had received an unsolicited letter of intent last week from Ag Processors Alliance LLC (APA) stating that APA intended to acquire AGP. According to an AGP media release, Senior VP of Corporate and Member Relations Mike Maranell expressed his confidence that AGP members supported the board's action in rejecting the hostile takeover attempt.
AGP is the world's largest cooperative soybean processor and is a leading vegetable oil refiner in the United States. It operates a 30 MMgy biodiesel plant in Sergeant Bluff, Iowa, with a 28 MMgy biodiesel plant under construction at St. Joseph, Mo. It also has a 52 MMgy ethanol plant in Hastings, Neb.
On the Web:
www.agp.com
Ag Processing Inc. (AGP) announced Oct. 12 that it had received an unsolicited letter of intent last week from Ag Processors Alliance LLC (APA) stating that APA intended to acquire AGP. According to an AGP media release, Senior VP of Corporate and Member Relations Mike Maranell expressed his confidence that AGP members supported the board's action in rejecting the hostile takeover attempt.
AGP is the world's largest cooperative soybean processor and is a leading vegetable oil refiner in the United States. It operates a 30 MMgy biodiesel plant in Sergeant Bluff, Iowa, with a 28 MMgy biodiesel plant under construction at St. Joseph, Mo. It also has a 52 MMgy ethanol plant in Hastings, Neb.
On the Web:
www.agp.com
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