S&P keeps Agricore United on developing watch

Standard & Poor's said it maintained the CreditWatch listings on Agricore United (BB/Watch developing) and Saskatchewan Wheat Pool (B+/Watch positive), following James Richardson International Ltd.'s new C$1.8 billion offer for Agricore.

The agency said that the revised offer is an all-cash offer that has been deemed to at least match Saskatchewan Wheat's April 13 offer and, as such, has been accepted by Agricore's board of directors.

If James Richardson's revised bid succeeds, the new company will become private and the ratings on Agricore could be affirmed, raised, lowered or withdrawn, the agency noted.

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