Ridley Inc.

June 18, 2015 15:25 ET

Alltech, Inc. Completes Acquisition of Ridley Inc.

MANKATO, MINNESOTA--(Marketwired - June 18, 2015) - Ridley Inc. ("Ridley") (TSX:RCL) today announced the completion of the previously announced plan of arrangement transaction (the "Arrangement") involving Ridley, Alltech, Inc. ("Alltech") and 7111371 Manitoba Inc. (the "Purchaser"), a wholly-owned subsidiary of Alltech. As a result, the Purchaser has acquired all of the outstanding common shares of Ridley for cash consideration of CAD$40.75 per common share. The total consideration paid to Ridley shareholders is approximately CAD$521 million.

Ridley has made an application to delist the common shares of Ridley from the Toronto Stock Exchange (the "TSX"). It is expected that the common shares of Ridley will be delisted from the TSX on or about June 23, 2015 at the closing of the market. Ridley will also apply to cease to be a reporting issuer under applicable Canadian securities laws.

The cash to be paid to beneficial shareholders is expected to be credited to the beneficial shareholder's broker, trustee, financial institution, dealer, bank, trust company, custodian, nominee or other intermediary account through the procedures in place for such purposes between CDS and such intermediaries. Beneficial shareholders should contact their intermediary if they have any questions regarding this process.

In order for a registered shareholder to receive the cash consideration for the common shares, he, she or it must complete, sign, date and return the letter of transmittal to Computershare Investor Services Inc., in accordance with the instructions set out therein that was mailed to all registered shareholders in connection with the special meeting of Ridley shareholders held on June 12, 2015. The letter of transmittal and details regarding the transaction contained in the management information circular of Ridley dated May 14, 2015 can be found under Ridley's profile on SEDAR at www.sedar.com.

Computershare will make payments to registered shareholders who have already validly deposited their share certificates and duly completed letter of transmittal within three (3) business days from today.

Any questions regarding payment of the consideration, including any request for another form of letter of transmittal, should be directed to Computershare via telephone at 1-800-564-6253 (toll free in North America) or (514) 982-7555 (outside North America) or via email at corporateactions@computershare.com.

Ridley does not anticipate any changes to its business practices, processes or personnel. Clients, partners and suppliers can expect to conduct 'business as usual' and to work with the same Ridley representatives as usual.

About Alltech

Founded in 1980 by Dr. Pearse Lyons, Alltech improves the health and performance of people, animals and plants through natural nutrition and scientific innovation. With more than 3,500 employees and a presence in 128 countries, the company has developed a strong regional presence in Europe, North America, Latin America, the Middle East, Africa and Asia.

Alltech improves health and performance by adding nutritional value naturally through its innovative use of yeast fermentation, enzyme technology, algae and nutrigenomics. Its pursuit of this mission is guided by its founding ACE principle, a promise that in doing business the company has a positive impact on the Animal, the Consumer and the Environment.

Alltech is the only privately held company among the top 10 animal health companies in the world. This is a source of competitive advantage, allowing Alltech to stay focused on customer needs, innovation and long-term objectives. The flexibility has also fueled Alltech's growth, which has been approximately 20-25 percent annually. Alltech has achieved USD$1 billion in sales and is on target to achieve USD$4 billion in sales in the next few years.

For more information, visit www.alltech.com.

About Ridley

Ridley Inc., headquartered in Mankato, Minnesota, is one of the leading animal nutrition companies in North America, serving customers mainly in the United States and Canada. Ridley employs more than 700 people in the manufacture, sales and marketing of a full range of animal nutrition products under highly regarded trade names. Ridley's common shares are listed on The Toronto Stock Exchange (trading symbol: RCL). Visit our website at www.ridleyinc.com.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities laws, including (but not limited to) statements about: statements concerning anticipated future events, results, circumstances, performance or expectations, that reflect management's current expectations and are based on information currently available to management of Ridley. The words "may", "will", "should", "believe", "expect", "plan", "anticipate", "intend", "estimate", "predict", "potential", "continue" or the negative of these terms, or other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters, identify forward-looking matters. The following factors could cause actual results to differ materially from those discussed in the forward looking statements: the occurrence of any event, change or other circumstance that could give rise to the termination of the Arrangement Agreement; retention of customers, suppliers and personnel being adversely affected by the uncertainty surrounding the Arrangement; inability to successfully integrate the operations of the two companies following completion of the transaction; and other factors discussed in documents filed with the securities commissions across Canada by Ridley. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Ridley to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Ridley undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.

Contact Information

  • Steve VanRoekel, President & CEO
    RIDLEY Inc.
    (507) 388-9400

    Tyson D. Twait, Chief Financial Officer
    RIDLEY Inc.
    (507) 388-9400

    Susanna Elliott
    (859) 473-2696