AGT Food and Ingredients Inc could see a Management buyout in a move to take the company private.

The Saskatchewan based food processor supplies export and domestic markets with facilities throughout the province as well as in Manitoba, Alberta, the U-S, Turkey, Africa, Europe, Inda, China, Myanmar, London and Australia.

The non-binding proposal allows for the management group and certain investors to retain their shares and for current members of the senior management team to remain in place after the buyout is completed.

Under the Proposal, President and CEO Murad Al-Katib along with members of the management group would keep their $4.1 million dollars in shares, or approximately 17 % of the company.

 

Other investors Fairfax Financial and Point North Capital will also keep their share investment in the company which is another 10.5 %. 

The management buyout proposal would see $18 Canadian paid for each Common Share, or roughly a 37% premium to yesterday’s close on the Toronto Stock Exchange.

The Board has agreed to establish a committee comprised of independent directors to consider the Proposal.

AGT Food and Ingredients Inc Saskatchewan operations are based in Regina, Rosetown, Aberdeen, Milestone, Assiniboia, Wilkie, La Porte, Eston, Dinsmore, Beechy and Lucky Lake.