Research Update: Saskatchewan Wheat Pool And Agricore United Remain On CreditWatch On Rejected Hostile Bid

  • ID: 1784749
  • February 2007
  • Standard & Poors
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On Feb. 16, 2007, Standard & Poor's Ratings Services maintained the CreditWatch placements on Regina-based Saskatchewan Wheat Pool (SWP; B+/Watch Pos/--) and Winnipeg, Man.-based grain handler Agricore United (AU; BB/Watch Dev/--). The ratings on both companies were put on CreditWatch Nov. 8, 2006. This action follows the recommendation by AU's board of directors, upon the recommendation of a Special Committee, to reject SWP's revised hostile bid for the following reasons: the bid significantly undervalues AU, it is primarily noncash in nature, there is an uncertain synergy estimate, and there is the potential for superior proposals that could result from an ongoing strategic alternatives process currently under way at AU. SWP's revised bid includes a combination of cash and shares, with...

Companies mentioned in this report are: Viterra Inc.,Agricore United
Action: CreditWatch Update

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Viterra Inc.,Agricore United

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