Webster signs binding agreement

Company News

by Ortenzia Borre

Leading agricultural firm Webster (ASX:WBA) has signed a binding agreement to be acquired by Canadian pension fund giant PSP Investments.

Under the agreement, PSP will acquire all ordinary and preference shares in Webster that it does not already own for $2 per share.

Webster Managing Director and Chief Executive Officer, Maurice Felizzi, said the proposed transaction represents an attractive value for Webster shareholders.

Subject to shareholder approval and all other conditions of the schemes being satisfied, the schemes are expected to be implemented in the first quarter of 2020.

Shares are trading 51.97 per cent higher at at $1.93.