Ceres Global Ag Corp. Receives Shareholder Approval for Acquisition by Bartlett Grain Company
- Ceres Global Ag Corp. shareholders approved acquisition by Bartlett Grain Company with 99.999% voting in favor.
- The deal involves purchasing Ceres shares at US$4.50 each, enhancing operational capabilities in agriculture.
- Ceres aims to improve supply chains and market position, pending court approval expected around July 7, 2025.
Ceres Global Ag Corp. Secures Shareholder Approval for Acquisition by Bartlett Grain Company
Ceres Global Ag Corp. achieves a significant milestone in its corporate journey as shareholders overwhelmingly endorse a plan for acquisition by Bartlett Grain Company, LLC. The extraordinary approval comes with 99.999% of votes favoring the Arrangement Resolution at a special meeting held on June 30, 2025. This unprecedented level of support reflects the confidence shareholders place in Bartlett Grain’s ability to steer Ceres toward new growth opportunities. The acquisition plan allows for the newly formed entity, 1001239530 Ontario Inc., under Bartlett's control, to purchase all issued and outstanding shares of Ceres at a price of US$4.50 per share in cash.
The transaction is poised to enhance Ceres’ operational capabilities, as it navigates the intricacies of agricultural commodity markets. Ceres maintains a robust infrastructure with 10 locations across Saskatchewan, Manitoba, and Minnesota, and a total grain and oilseed storage capacity of approximately 29 million bushels. The acquisition aligns with Bartlett Grain’s strategy of expanding its footprint in the agricultural sector and optimizing supply chains. The deal is subject to customary closing conditions, including a final order from the Ontario Superior Court of Justice, with a hearing set for July 3, 2025. If court approval is granted, Ceres expects the transaction to finalize around July 7, 2025.
As Ceres prepares for this transition, it emphasizes its commitment to enhancing agricultural, energy, and industrial supply chains. The company’s existing interests in three joint ventures that provide an additional 16 million bushels of storage capacity will further strengthen its market position. The acquisition marks a pivotal moment in Ceres’ evolution, presenting opportunities for improved sourcing and marketing of high-quality agricultural commodities. Ceres stands ready to capitalize on its enhanced capabilities and drive value creation for stakeholders in the competitive agriculture industry.
In light of the acquisition, registered shareholders are encouraged to direct any inquiries to TSX Trust Company, the designated depositary involved in the transaction. As the company moves closer to finalizing this significant deal, it remains mindful of potential risks, including the need for court approval and other customary conditions that could impact the timeline of the acquisition.