MINNEAPOLIS, MINNESOTA, US — Ceres Global Ag. Corp. shareholders overwhelmingly approved a resolution for the company’s planned acquisition by Bartlett, a Savage Co., during a special meeting June 30.

In its announcement, Ceres said the approximately $140.1 million transaction, approved by 99.999% of voting shareholders, remains subject to certain other customary closing conditions, including the issuance of a final order by the Ontario Superior Court of Justice (Commercial List) following a hearing scheduled for July 3. 

If the court approves and the other conditions for closing are satisfied or waived, Ceres said it is expected that the transaction will be completed on or about July 7. Ceres will become a private company once the deal is finalized.

Under the agreement, a newly formed entity controlled by Bartlett Grain Co. called 1001239530 Ontario Inc. is slated to buy all the issued and outstanding common shares of Ceres Global for $4.50 per share in cash. As of May 20, when the deal was announced, Ceres Global had total shares of 31,141,904.

Golden Valley, Minnesota, US-based Ceres Global Ag is an international agricultural, energy and industrial products merchandising and supply chain company that operates 10 locations in Saskatchewan, Manitoba, and Minnesota. The facilities have an aggregate grain and oilseed storage capacity of about 29 million bushels. 

Ceres also owns membership interests in three agricultural joint ventures in Minnesota and North Dakota that have a combined grain and oilseed storage capacity of approximately 16 million bushels.

Kansas City, Missouri, US-based Bartlett said the addition of Ceres Global Ag will bring a network of assets and new commodities that support its business strategy, including a total grain and oilseed storage capacity of about 45 million bushels.