Farmers Edge receives approval to go private

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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

Categories: Ag Business / News

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