Saskatchewan Wheat Pool Inc.

Saskatchewan Wheat Pool Inc.

April 09, 2007 17:01 ET

Pool Announces Extension of Its Improved Bid for Agricore

REGINA, SASKATCHEWAN--(CCNMatthews - April 9, 2007) - Saskatchewan Wheat Pool Inc. (the "Pool") (TSX:SWP) announced today that it has extended its offers for all of the outstanding limited voting common shares and Series A convertible preferred shares of United Grain Growers Limited, carrying on business as Agricore United ("Agricore"). The offers are now open for acceptance until 5:00 pm (Toronto time) on April 25, 2007, unless further extended or withdrawn.

Agricore and the Pool have signed a confidentiality agreement and are engaging in discussions and a review of confidential information. The extension is being provided to give Agricore's board of directors more time to make a determination as to whether the Pool's improved offer is a superior proposal relative to the competing bid by James Richardson International Limited ("JRI").

If the Agricore board determines that the Pool's offer is a superior proposal and Agricore proposes to enter into an acquisition agreement with the Pool, Agricore must provide notice of such determination to JRI. JRI would then have five business days to match the Pool's offer.

Saskatchewan Wheat Pool Inc. is a publicly traded agribusiness headquartered in Regina, Saskatchewan. Anchored by a Prairie-wide grain handling and agri-products marketing network, the Pool channels Prairie production to end-use markets in North America and around the world. These operations are complemented by value-added businesses and strategic alliances, which allow the Pool to leverage its pivotal position between Prairie farmers and destination customers.

The Pool's common shares are listed on the Toronto Stock Exchange under the symbol SWP and its existing subscription receipts are traded under the symbol SWP.R. The new subscription receipts will trade under the symbol SWP.N.

Contact Information

  • Shareholder Contact:
    Kingsdale Shareholder Services Inc.
    Toll-free: 1-866-301-3454
    Company Contact:
    Saskatchewan Wheat Pool Inc.
    (306) 569-4782