Press release
Green Plains Announces Offer to Acquire Green Plains Partners LP
OMAHA, Neb.--(BUSINESS WIRE)-- Green Plains Inc. (NASDAQ:GPRE) today announced it has submitted a proposal to the Board of Directors of Green Plains Holdings
About this update from Green Plains, Inc.
[{"type":"text","content":" OMAHA, Neb.--(BUSINESS WIRE)--\nGreen Plains Inc. (NASDAQ:GPRE) today announced it has submitted a proposal to the Board of Directors of Green Plains Holdings LLC, the general partner of Green Plains Partners LP (NASDAQ: GPP) (“the Partnership”), to acquire all of the publicly held common units of the Partnership not already owned by Green Plains Inc. in a stock-for-unit exchange. Subject to negotiation and execution of a definitive agreement, Green Plains Inc. is proposing consideration of 0.3913 shares of Green Plains Inc. common stock for each outstanding publicly held Partnership common unit. The proposed consideration represents a value of $13.08 per common unit of the Partnership based on the closing price of Green Plains Inc.’s common stock and the Partnership’s common units as of May 3, 2023.\n\n\nGreen Plains Inc. expects the proposed transaction to simplify its corporate structure and governance, generate near-term earnings and cash flow accretion, reduce SG&A expense related to the Partnership, improve the credit quality of the combined enterprise, and align strategic interests between Green Plains Inc. shareholders and the Partnership’s unitholders by regaining full ownership and control of Green Plains’ total platform, including terminal operations.\n\n\nThe proposed transaction is subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement and transactions contemplated thereunder by the board of directors of Green Plains Inc., the board of directors of Green Plains Holdings LLC, and its conflicts committee. The consummation of the proposed transaction would be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated.\n\n\nAssuming the completion of the proposed transaction, the Partnership would become a wholly owned subsidiary of Green Plains Inc., and the Partnership’s common units would cease to be publicly traded.\n\n\nBofA Securities is acting as exclusive financial advisor and Latham & Watkins LLP is acting as legal advisor to Green Plains Inc.\n\n\nAbout Green Plains Inc.\n\n\nGreen Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and ...