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eNews from Wednesday, September 29, 2010

Green Plains Renewable Energy to Acquire Global Ethanol LLC

Associated Press -- OMAHA, NE -- September 28, 2010 -- Green Plains Renewable Energy Inc. said Tuesday it will acquire Global Ethanol LLC in a $169.2 million deal that will increase its ethanol-producing capacity by nearly one-third.

Green Plains will acquire Global's two ethanol plants, in Lakota, Iowa, and Riga, Mich., which will boost its annual ethanol-producing capacity by 31 percent to about 657 million gallons.

The purchase price is comprised of 4.4 million shares of Green Plains' restricted common stock, warrants to purchase 700,000 restricted common shares and $20 million in cash. The transaction also includes the assumption of about $98.7 million of outstanding debt.

Green Plains said the warrants will not be transferrable, except in limited circumstances, and will be exercisable for three years after the closing date at a price of $14.

The transaction is expected to close in the fourth quarter pending regulatory approvals.

The acquisition was announced after the markets closed Tuesday. Green Plains' shares closed the regular session up 82 cents, or 7.5 percent, at $11.70.

(c) 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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