Agricore Says SWP Bid Condition Not Met

WINNIPEG - Jan 12/07 - SNS -- Agricore United contends a key condition of the Saskatchewan Wheat Pool's (SWP) hostile take-over bid cannot be met before the bid's January 24 expiry date.

Contrary to SWP assertions,. Agricore says the Canadian Competition Bureau will not be in a position to provide its views on the take over bid by that date.

"Because the review will not be completed by January 24, 2007, the regulatory condition in the SWP bid cannot be satisfied," Agricore said. in a statement.

"As previously announced, the SWP bid also cannot meet its 75% minimum tender condition, since Archer Daniels Midland Company, Agricore United's principal shareholder holding 28% of the limited voting common shares, has advised Agricore United that it has reviewed the SWP bid and considered it, on its current terms, to be inadequate and, accordingly, does not intend to accept the SWP bid.

"The Board of Directors of Agricore United has unanimously recommended that security holders reject the offer by SWP and not tender their securities to the SWP offer."