The embattled Winnipeg-based agtech company announced it has received a revised takeover offer from Fairfax, the company’s largest investor. Fairfax raised its bid for all the shares it doesn’t currently hold by 40 per cent. (The Logic)
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The embattled Winnipeg-based agtech company announced it has received a revised takeover offer from Fairfax, the company’s largest investor. Fairfax raised its bid for all the shares it doesn’t currently hold by 40 per cent. (The Logic)
Talking point: The agreement comes after Fairfax proposed in November to take Farmers Edge private for $0.25 per share, which it has now increased to $0.35. Farmers Edge’s stock leapt 34 per cent Monday following the announcement. The higher offer nonetheless represents a roughly 98 per cent discount from the company’s 2021 $17 per share IPO price. Farmers Edge, formerly backed by major Silicon Valley VC Kleiner Perkins, was a stock market darling until it continued to burn cash despite its digital farming platform’s rapid growth. Its technology is intended to help farmers boost yields by providing detailed information on measures like soil moisture or fertilizer spreads. – Jesse
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