Olymel gets Big Sky as no other buyers appear
http://www.canadiancattlemen.ca/news/
olymel-gets-big-sky-as-no-other-buyers-appear/1001978771/
Hog farms stressed by high feed costs
Jan 9, 2013 4:52 PM Winnipeg | Reuters
Quebec meat packing giant Olymel will buy one of Canada's largest hog farms out of receivership, after no superior bids emerged.
Olymel will pay $65.25 million for Big Sky Farms, based at Humboldt, Sask., in a deal that will likely close by the end of January, said the receiver, Ernst and Young senior vice-president Kevin Brennan, on Wednesday.
Privately-held Olymel made the offer in October, kicking off a sales process that would have led to an auction if there had been a higher bid.
The Montreal-based company currently does not raise hogs, but operates a large hog-slaughter plant at Red Deer, Alta.
Big Sky entered receivership in early September after piling up $69 million in debt to secured creditors.
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olymel-gets-big-sky-as-no-other-buyers-appear/1001978771/