Details have been released regarding the agreement to privatize Saskatchewan-based AGT Food and Ingredients Inc.

The buyer group will offer $18 per common share, which is a premium of 36.7 per cent to the closing price on the TSE on July 26.

The buyer group consists of AGT President and Chief Executive Officer, Murad Al-Katib, Fairfax Financial Holdings Limited and Point North Capital Inc.

"Following a fairly lengthy process to consider the interests of all stakeholders of AGT and the future of the Company, the management group, together with the other members of the Buyer Group, are excited at the prospect of a new chapter of AGT," said Al-Katib. "We look forward to a positive outcome of the shareholders vote to continue our journey with our employees and the Buyer Group."

Closing of the transaction is expected to occur in the first quarter of 2019.

 

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