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Alltech to buy Ridley

Alltech is buying 100 percent of Ridley Incorporated.  The boards of directors of both companies have approved the deal for $40.75 per Ridley share for a total of $521 million.  Ridley is traded on the Toronto Stock Exchange.

Based in Mankato, Minnesota, Ridley has 700 employees in three divisions: Hubbard Feeds, Ridley Ingredients and Ridley Block Operations which includes Sweetlix and Crystalyx.  The company also has a joint Canadian venture: Masterfeeds LP.  Hubbard has 20 plants in the Midwest and Ridley Blocks has 8 plants across the United States.

The new combined company will have 4,200 employees and a presence in 128 countries.

The transaction is subject to approval by Ridley shareholders and regulatory review.  Fairfax Financial Holdings which controls about 78 percent of Ridley stock has agreed to vote in favor of the sale.  The deal is expected to close by the end of the second quarter.

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