P&H Buys Weyburn Terminal
TORONTO - Jan 25/14 - SNS -- Parrish & Heimbecker, Limited (P&H) paid $94.6 million to acquire all outstanding shares of Weyburn Inland Terminal Ltd. (WIT), which operates a 105,490 metric ton (MT) capacity facility.
P&H paid $17.25 per share. The deal is still subject to shareholder approval at a meeting expected to be held in late February or early March 2014.
The $17.25 per share consideration represents a 33.7% premium to the closing price on Thursday December 12, 2013, one day prior to WIT's announcement of its strategic review process, and a 28.3% premium to the highest ever published trading price in WIT's history prior to the strategic review announcement.
The deal increases P&H's holding in Alliance Grain Terminal, a 102,000 metric ton (MT) terminal purchased by WIT, P&H and three other companies in 2007.
It also increases P&H's holding in Alliance Seed Corporation. The other shareholders include Patterson Grain, Great Sandhills Terminal, North West Terminal, and Prairie West Terminal.
WIT also holds a majority interest in NorAmera BioEnergy and owns Sedley-Virgo Seed and Supply.
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