UPDATE – West Central Ag Services announces it has postponed its patron meeting scheduled for Thursday on an unsolicited bid by The Arthur Companies to buy the business until November 26.
West Central says it made the decision to evaluate the offer.
“Rest assured, our Board of Directors is taking The Arthur Companies offer seriously and is focused on ensuring the best outcome for our patron members,” West Central said on its website.
James Burgum, CEO of The Arthur Companies, released the following statement:
Interview with The Arthur Companies CEO James Burgum.
ULEN, Minn. – The members of West Central Ag Services are looking to the future and a possible merger with CHS. But, an Arthur, N.D., company says they want to give a pitch to the members about what their company can do.
“The Arthur Companies has been interested in providing an alternative proposal for some time,” Arthur Company CEO James Burgum said Wednesday morning. The company submitted a proposal in April that Burgum said was not taken forward.
“We were told the other alternative was a stronger alternative for growers,” he said.
In a letter to members, Burgum said the company submitted an offer that “would result in roughly $5 cash for every $1 in equity each cooperative member currently holds.”
The members are set to vote on the plans Thursday morning.
