Las Vegas News Paper confirms AgriPro deal falls through:
Saturday, January 02, 1999
Copyright © Las Vegas Review-Journal
AgriBioTech deal
falls through
MEMPHIS, Tenn. -- AgriBioTech's plan to buy the alfalfa-seed business of Helena Chemical Co.'s AgriPro Seeds Inc. collapsed after the two sides failed to reach an agreement, Helena said.
Las Vegas-based AgriBioTech, a turf and forage-seed company that has been trying to raise money to complete several pending acquisitions, agreed in October to buy AgriPro jointly with Garst Seed Co., a U.S. corn and soybean-seed company that's part of the Advanta seed group -- a joint venture of London-based Zeneca Group Plc and Cosun of the Netherlands.
Memphis-based Helena, a privately held company, said it completed the sale of AgriPro's corn and soybean business to Garst on Dec. 23. It said it has now spun off the alfalfa, clover and sorghum business, which was to have been acquired by AgriBioTech, into a separate company, called ABI Alfalfa Inc.
Helena said it broke off negotiations with AgriBioTech after the two sides "were unable to reach an agreement." Helena will continue to run the alfalfa business as a wholly owned subsidiary. Garst is based in Slater, Iowa.
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