- Consideration of US$4.50 per Share in cash represents a premium of approximately 153% over Ceres' unaffected closing Share price of $2.49 on the Toronto Stock Exchange (the "TSX") on May 16, 2025, and a premium of approximately 152% over Ceres' 20-day volume-weighted average trading price as of such date1
- The Independent Committee and the Board have unanimously approved the Transaction and recommend that shareholders vote in favour of the Transaction
- Shareholders representing 70% of Ceres' outstanding Shares, including VN Capital Management, LLC, have entered into irrevocable "hard" voting and support agreements in favour of the Transaction
MINNEAPOLIS, - Ceres Global Ag Corp. ("Ceres" or the "Corporation") (TSX:CRP) and 1001239530 Ontario Inc. (the "Purchaser"), a newly formed entity controlled by Bartlett Grain Company, LLC ("Bartlett"), part of the Savage family of companies focused on international agricultural merchandising and storage, are pleased to announce that they have entered into an arrangement agreement (the "Arrangement Agreement") for Ceres to be acquired by Bartlett, via an all-cash transaction (the "Transaction").
Jim Vanasek, Ceres' Chairman of the Board commented on the announcement: "Bartlett's acquisition of Ceres is vindication of the strategy we set out to achieve 12 years ago, which is to build the company into one of North America's leading merchandisers of durum, oats, spring wheat, and canola. I believe Bartlett is a perfect fit in terms of geography, business lines, and culture, and will take Ceres to the next level. I wholeheartedly support this transaction."
"We're excited to welcome the Ceres team to Bartlett," said President and CEO of Savage Jeff Roberts. "We see incredible potential in combining our networks and growing in new ways with the resources that Ceres brings to our portfolio. With their great team and assets, we'll build on our robust supply chain for our current and new customers alike."
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