Stockholders approve merger of Pacific Ethanol and Aventine
Pacific Ethanol Inc.
June 15, 2015
BY Pacific Ethanol Inc.
Pacific Ethanol Inc., the leading producer and marketer of low-carbon renewable fuels in the Western United States, and Aventine Renewable Energy Holdings Inc. announced their respective stockholders approved the proposed merger of the two companies at separate meetings held June 11.
Completion of the merger is expected to be effective July 1, subject to the satisfaction of all conditions to closing.
Under the terms of the merger agreement, Aventine stockholders will receive 1.25 shares of Pacific Ethanol common stock for each share of Aventine common stock they own at closing. Upon closing of the transaction, Aventine stockholders are expected to own approximately 42 percent and current Pacific Ethanol stockholders are expected to own approximately 58 percent of the combined company.
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