Sale of Greeley's United Agri Products nears completion

Bill Jackson, (Bio) bjackson@greeleytribune.com
May 7, 2008

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The sale of Greeley-based United Agri Products to Agrium Inc. of Canada is close to completion.

Under a deal approved by both company’s board of directors in December, Agrium will buy UAP for $2.65 billion, or $39 a share. The sale includes about $487 million of assumed debt.

Agrium Inc., in a press release, said its wholly-owned subsidiary, Agrium U.S. Inc., completed its tender offer for UAP Holding Corp. earlier this week. It’s the first step in Agrium’s two-step purchase of UAP with the second step — the merger of UAP with an Agrium subsidiary — expected be complete before the end of the month.

No one at the UAP headquarters returned calls for comment on the sale, according to a receptionist, who referred all questions to Agrium. UAP has about 250 employees in Greeley and Loveland, and about 3,400 worldwide.

Ashley Harris, manager of investor relations of Agrium in Calgary, Alberta, said Wednesday that 98.5 percent of UAP’s shares have been tendered and he expected the merger to be completed “within a few days.”

Harris said Agrium has a track record of integrating new business acquisitions and their employees, but he did not have information on how the sale would affect Greeley/Loveland employees.

For more details, see Thursday's Tribune.