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SWP Disputes Agricore Claims
WINNIPEG - Jan 12/07 - SNS -- The Saskatchewan Wheat Pool (SWP) reacted strongly to assertions by Agricore United that key conditions of its hostile take-over bid cannot be met.
President and Chief Executive Officer, Mayo Schmidt said the fact the Canadian Competition Bureau cannot render an opinion by January 24 is will not derail its bid. "We are extremely pleased with the response and attention this transaction has received from the Bureau to date.
"It is important that they have sufficient time to complete their work. The Pool and the Bureau were hopeful that they could reach a preliminary determination within the bid period. Due to the nature of the transaction and the fact that the review spanned the holiday season, the Bureau will require additional time beyond our expiry date to complete their work. The Bureau has indicated we can expect to have formal discussions with them in February.”
The SWP said it intends to extend the bid period beyond January 24 to allow for the completion of the Competition Bureau review.
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