Alltech completes acquisition of Ridley
On June 18, 2015, Alltech, Inc. (Alltech) and Ridley Inc. (Ridley) announced the successful completion of Alltech's acquisition of Ridley for total consideration payable to Ridley shareholders of approximately C$521 million.
The acquisition was effected by way of a court-approved plan of arrangement under the Corporations Act (Manitoba), under which Alltech acquired all of the outstanding common shares of Ridley for C$40.75 in cash per common share. Pursuant to an irrevocable voting support agreement Fairfax Financial Holdings Limited, which held approximately 78% of the outstanding common shares of Ridley, voted its common shares in favour of the arrangement.
Ridley will continue to operate as a division within Alltech and the current range of Ridley products and solutions will continue to be available through existing distribution channels.
Ridley, headquartered in Mankato, Minnesota, is one of the leading animal nutrition companies in North America, serving customers mainly in the United States and Canada.
Alltech improves the health and performance of people, animals and plants by adding nutritional value naturally through its innovative use of yeast fermentation, enzyme technology, algae and nutrigenomics.
Fairfax is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
Further information can be found on Alltech and Ridley's website.