SWP Further Sweetens Agricore Bid

REGINA - Apr 14/07 - SNS -- The Saskatchewan Wheat Pool (SWP) is adding more sugar to its effort to take over Agricore United, saying it will further improve its bid if Agricore "terminates its acquisition agreement" with James Richardson Internaional.

"The pool is prepared to increase its common share offer to, at the election of each holder of Agricore common shares (a) Cdn$20.00 in cash per common share, or (b) 2.2076 Pool shares for each Agricore common share or (c) any combination thereof, subject in each case to pro ration," SWP said in a press statement.

"Assuming full pro ration, each Agricore common shareholder will be entitled to receive Cdn$14.00 in cash and 0.6623 common shares of the Pool for each share tendered, subject to adjustment for fractional shares. The maximum amount of cash payable by the Pool pursuant to the new offer is $842.6 million and the maximum number of common shares of the Pool to be issued is 39.9 million."