Farmers Edge Inc. received a final order from the Court of King’s Bench on March 19 approving the company’s plan to go private and delist its shares from the Toronto Stock Exchange.
A subsidiary of majority owner Fairfax Financial Holdings will acquire all the outstanding shares of the company, except those it already owns and those held by the Farmers Edge’s CEO, for $0.35 per common share.
Farmers Edge was founded as an agronomic service business in Pilot Mound, Manitoba, in 2005, and grew into a digital agriculture company providing software and sensor technology, including variable rate maps, aimed at helping farmers with agronomic decisions on millions of acres of farmland in more than half a dozen countries.
The company has struggled financially and been forced to downsize, with its share price declining dramatically from its initial public offering on the TSX in March 2021 at $17 per share.
The delisting and transition to wholly Fairfax ownership is expected to be completed on or about March 21.
Related: Fairfax reaches deal to take Farmers Edge private