AgJunction Inc. announced that today at its special meeting of the shareholders, the shareholders of AgJunction passed a special resolution approving a statutory arrangement pursuant to Section 193 of the Business Corporations Act (Alberta), pursuant to which Kubota Canada Ltd., a wholly-owned subsidiary of Kubota Corporation will acquire all outstanding common shares of AgJunction for cash consideration of CAD $0.75 per AgJunction Share.
AgJunction Inc., a global provider of advanced guidance, autosteering, and autonomy solutions for precision agriculture applications, today announced that it has entered into a definitive arrangement agreement to be acquired by Kubota Corporation in an all-cash transaction with a total equity value, on a fully diluted basis, of approximately CAD $91 million (USD $72.8 million).
With this settlement, AgJunction and Kubota reached a mutually agreeable business resolution that resulted in the dismissal of the lawsuit and all counterclaims.
AgJunction Inc. has filed a patent infringement lawsuit through its wholly owned U.S. subsidiaries in the Northern District of Georgia against Kubota Corp. and several of its subsidiaries.
The transaction is expected to close in the third quarter, contingent on normal regulatory approvals. This acquisition aligns with Hemisphere’s continued push into the global agriculture market.
Morris brings over 20 years of marketing experience and will have responsibility for leading all marketing initiatives, developing go-to-market strategies and driving the product road map for AgJunction.
Built on 90 years of expertise, Yetter Farm Equipment leads the agriculture industry in designing effective and innovative equipment for residue management, seedbed preparation, precision fertilizer placement, harvest attachments, strip-tillage, and more.
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