Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

AGT Food gets going-private offer from management group backed by Fairfax Financial

AGT Food gets going-private offer from management group backed by Fairfax Financial | iNFOnews.ca
An aerial view of the rail line and Via Rail station is shown in Churchill, Manitoba, Wednesday, July 4, 2018. The Regina company AGT Food and Ingredient and its partner, Fairfax Financial, are involved in a plan to revive the rail link to Churchill, Man. THE CANADIAN PRESS/John Woods

REGINA – Senior managers at ACT Food and Ingredients Inc. and some of the company’s large investors are proposing to take it private.

A group led by AGT chief executive Murad Al-Katib proposed on Thursday that it would pay $18 cash for each of the company’s common shares, a 37 per cent premium to the July 25 closing price.

The proposal contemplates that Fairfax Financial Holdings Ltd. and Point North Capital Inc. would retain their equity interests in AGT and AGT’s senior management team would remain in place.

AGT Food is a food processor supplying export and domestic markets. It produces a range of pulses and specialty crops including lentils, peas, chickpeas and canary seed as well as food ingredients such as flour and starch.

The company and Fairfax are also part of a group that’s working to restore a rail link to the Port of Churchill, Man.

Companies in this story: (TSX:AGT)

News from © iNFOnews.ca, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

iNFOTEL

Related Articles