Ag and fertilizer equipment provider Ag Growth International Inc. (AGI), Winnipeg, Man., confirmed on May 29 that it has received and rejected an unsolicited, nonbinding, and conditional proposal to purchase the company.
AGI was responding to media reports and said it is not in discussions with any third party, nor is there any agreement, understanding, or arrangement with respect to any proposal. AGI shares jumped 13% after it made the announcement, to C$52.10 from C$46.02, the biggest increase in four years, according to Bloomberg.
AGI said it does not intend to make any further public announcements regarding any rumors or speculation unless it determines that disclosure is warranted and in accordance with the requirements of applicable law. AGI has manufacturing facilities in Canada, the US, Brazil, India, France, and Italy and distributes its products worldwide.