AGP Board Rejects Hostile Takeover Bid
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Ag Processing, Inc. (AGP)
12700-T W. Dodge Rd.
Omaha, NE, 68154
Press release date: August 15, 2007
OMAHA, Neb., Aug. 15 -- The Ag Processing Inc (AGP) Board of Directors met for the purpose of responding to an unsolicited letter of intent that they view as a hostile takeover attempt by Ag Processors Alliance, LLC (APA), a company formed exclusively for the takeover of AGP.
"AGP's Board of Directors and management staff maintain a constant and open dialogue with member-owners and there has been no interest expressed in selling the company," said Brad Davis, President and Chairman of the AGP Board. "AGP continually re-invests in our core business and our members have expressed support for the strategic direction of their cooperative. This hostile attempt is not in the best interest of AGP, our cooperative members, or their business operations either today or in the future. After review, the unsolicited bid was soundly rejected by the AGP Board of Directors and we do not intend to have any discussions with this newly-formed group."
Ag Processing Inc is the world's largest cooperative soybean processor and a leading vegetable oil refiner in the United States. AGP (http://www.agp.com/) is owned by local Midwestern and regional cooperatives representing farmers from 16 states throughout the nation.
Source: Ag Processing Inc
CONTACT: Mike Maranell, Senior Vice President, AGP Corporate and Member Relations of Ag Processing Inc, +1-402-498-2279
Web site: http://www.agp.com/