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VBV LLC To merge With Green Plains Renewable Energy (GPRE)
VBV LLC and it’s subsidiaries, Indiana Bio-Energy, LLC and Ethanol Grain Processors, LLC, have approved a merger with Green Plains Renewable Energy. The next step in the merger is for Green Plains Renewable Energy shareholders to vote on the deal. The shareholder vote is scheduled for October 10th.
Some details about the plan, from Biofuels Journal:
Pursuant to the terms of the merger agreement, VBV and its subsidiaries will become wholly-owned subsidiaries of Green Plains at closing.
In addition, at closing of the transaction, certain of VBV’s equity holders will be investing $60 million by purchasing 6 million shares of Green Plains’ common stock at $10 per share.
This investment will provide the combined company with additional capital in order to pursue new opportunities for growth and development.
Following the merger, the combined company will produce approximately 330 million gallons of ethanol and approximately 1 million tons of distillers grains per year.
The combined company will also operate grain storage capacity of approximately 22 million bushels.
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