Investors know few details about the “expressions of interest” received by grain handler Viterra Inc. – but they’re not waiting around to find out more: The shares popped 25 per cent in the minutes after a trading halt on Friday. The company had this to say in a release:
“Viterra Inc. announced today that in view of market activity in Viterra’s shares, the company acknowledges it has received expressions of interest from third-parties. There can be no assurance that any agreement or transaction will result. A further announcement will be made if appropriate.”
The stock had been struggling recently, stuck between a tight range of $10 to $11 and down about 8 per cent over the past 52 weeks. Friday’s pop, of course, blew it out of that range, heading toward $14 and its highest level in about four years.
Any takeover offer would mark an interesting shift for Viterra. It has been on an aggressive expansion campaign, snapping up grain handlers abroad. Now, it appears that it has become a target itself.