UPDATE: Wrightson shares jump 9.4% on plans to sell seeds unit for $439M; may distribute cash

Sun, 05 Aug 2018

(Adds share price reaction, broker comment) By Tina Morrison Aug. 6 (BusinessDesk) - Shares in PGG Wrightson jumped as much as 9.4 percent after the country's largest rural services business said it had agreed to sell its seed and grain business to Danish cooperative DLF Seeds for $421 million in cash and $18 of debt repayment, and signalled it may return up to $292 million to its shareholders. The sale is above the $285 million book value of the seeds business and follows several expressions of interest received from international par...

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