Canada’s largest grain handler Viterra Inc. (TSX: T.VT, Stock Forum) appears to be setting the stage for a possible takeover.
At the request of Market Surveillance on behalf of the Toronto Stock Exchange, Viterra acknowledged Thursday 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 $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, the company said.
Viterra shares rose 8.5% to $15.90 Thursday, giving the company a market cap of $5.9 billion, based on 371.7 million shares outstanding.