On increasing speculation about potential bidders for Viterra, the company issued a short press release earlier today. In its release, Viterra said:
“Viterra Inc. … at the request of Market Surveillance on behalf of the Toronto Stock Exchange, acknowledges that, in response to expressions of interest from third parties to acquire the Company, a process has been established by the Board of Directors of Viterra, which includes confidentiality agreements being entered into and the provision of due diligence.
Viterra is aware of press reports speculating about, among other things, the process, parties involved and third parties expressions of interest of at least Cdn$16 per Viterra common share. Viterra cautions investors not to rely on these press reports as there can be no assurance that a transaction will occur and that if one does occur, there can be no assurance at what price it will be completed.
Viterra has engaged financial and legal advisors to provide support with this process.
A further announcement will be made if appropriate.”
Viterra has confirmed that it is in takeover discussions, though possible bidders have not been disclosed. Some speculation is that bidders may include Cargill and Glencore. Canada’s largest grain handler has also confirmed that bidders have begun due diligence and that a “process has been established” for interested parties to meet with Viterra’s board.
Trading in Viterra’s shares was halted pending Viterra’s press release: Viterra Issues Statement
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