Agrium bid to take over AWB cleared following expert ruling
08 Oct 2010
AWB Ltd has been given the legal go-ahead to hold a shareholder meeting on the proposed takeover by Canadian agribusiness giant Agrium Inc.
The Supreme Court of the Australian state of Victoria today approved the convening of a meeting of AWB shareholders to vote on Agrium's$1.24 billion takeover bid.
The meeting to consider the takeover via a scheme of arrangement, is scheduled for 16 November.
Agrium has offered to buy all of AWB's shares and performance rights for $1.50 each in cash.
In July this year, Sydney-based GrainCorp made an A$855-million ($770 million) bid to acquire AWB, once Australia's largest wheat exporter (See: GrainCorp to buy AWB to become Australia's largest wheat exporter)
On 16 August Agrium thwarted GrainCorp's hopes of emerging Australia's biggest wheat exporter through the acquisition, by making a rival A$1.2-billion ($1.1 billion) counterbid in cash for AWB Ltd.
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