P+H to make play for Great Lakes grain handler

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Prairie grain firm Parrish and Heimbecker plans to expand its presence in southern Ontario through a full takeover of a grain handler and mustard miller.

The Winnipeg company on Tuesday said it has mounted an all-cash $115-per-share bid for the 72 per cent of Goderich, Ont.-based Thirdcoast Ltd. it doesn?t already own.

Given Thirdcoast?s common shares outstanding as of March 31, 2011, P+H?s offer would be worth about $26.4 million, including a stake of about 16.6 per cent P+H has already locked into its bid.

Thirdcoast operates grain handling, processing and storage facilities at Goderich, Hamilton and Port Colborne, Ont. and also mills Prairie-grown mustard seed at Hamilton.

P+H emphasized in a release Tuesday that its offer isn?t subject to any financing conditions and will be funded through cash on hand and "previously committed" financing.

It also noted its bid, which upon launch is expected to remain open for at least 35 days, is at a premium of about 53 per cent over the Jan. 31 bid price for Thirdcoast?s common shares.

Read more at http://agcanada.com/daily/ph-to-make-play-for-great-lakes-grain-handler/
 
 
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