Agricore, SWP Now Talking

WINNIPEG - Apr 4/07 - SNS -- The Saskatchewan Wheat Pool's (SWP) sweetened takeover bid for Agricore United has captured the interest of that company's board, which will now "engage in discussions with and provide confidential

information" to the SWP.

The revised offer will see the SWP pay CDN $8.00 in cash and give 0.95 of a SWP common share for each limited voting common share of Agricore United.

Agricore United will evaluate SWP's proposal to determine whether it constitutes a "superior proposal" under the acquisition agreement with James Richardson International Limited (JRI). Agricore said its directors expect to make their determination as to whether the SWP proposal is a superior proposal by next week.

In the meantime, pending completion of Agricore United's discussions with SWP and the Board's review of the SWP proposal, the Board continues to support the JRI transaction and continues to recommend that Agricore United shareholders not tender their shares to SWP's offer.

If the Board makes a determination that the SWP proposal is a superior proposal and Agricore United proposes to enter into an acquisition agreement with SWP, Agricore United must provide notice of such determination to JRI and JRI would then have five business days to match or top the SWP proposal.

If JRI chooses not to match or top the SWP proposal and Agricore United terminates the JRI acquisition agreement to enter into an acquisition agreement with SWP, Agricore United must pay a termination fee of $24 million to JRI.