AGP rejects purchase bid
October 16, 2007
An unsolicited bid to acquire Ag Processing Inc. (AGP), a soybean processor and producer of 30 MMgy of biodiesel in Sergeant Bluff, Iowa, was rejected by the company's board of directors in August. Ag Processors Alliance LLC (APA), which was formed for the sole purpose of acquiring AGP, submitted a letter of intent to acquire AGP for cash up to $850 million. APA said the reason for the bid was to provide AGP members with liquidity that the current cooperative structure, owned by local Midwestern and regional cooperatives, doesn't provide. Though the bid was rejected, APA said the offer would remain open for future consideration.
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