Green Plains drops on buyout of its limited partnership

Green Plains Partners LP

18/09/2023 16:02

** Shares of biofuel producer Green Plains  GPRE.O  fall
1.8% to $33.2 after co announces merger with Green Plains
Partners  GPP.O  
    ** GPRE on track for biggest singe-day percentage loss in
over three weeks, if losses hold 
    ** GPRE announces acquisition of shares that it does not
already hold in GPP in cash-and-stock deal 
    ** GPP shares up 16% at $15.99, hitting its highest level
since November 2021
    ** Each unit holder of GPP will receive 0.405 units of GPRE
common stock, and $2 in cash, which makes up for a deal value of
$15.69/shr, a 13.8% premium to GPP's last closing price
    ** Upon completion of the deal, GPP will become an indirect
wholly owned subsidiary of GPRE, and its shares will no longer
be listed on the Nasdaq
    ** Transaction is expected to close in Q4
    ** GPRE and its affiliates currently hold 50.1% stake in GPP
    ** GPRE up 6.8% YTD, including session's loss 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))