Farmers Edge Inc. received a final order from King’s Bench Court on March 19 approving its plan to go private and delist its shares from the Toronto Stock Exchange.
A subsidiary of majority owner Fairfax Financial Holdings will acquire all of the company’s outstanding shares, excluding shares already owned and shares held by Farmers Edge’s CEO, at a price of $0.35 per common share.
Founded in 2005 as an agricultural services company in Pilot Mound, Manitoba, Farmer’s Edge has grown into a digital agriculture company that provides software and sensor technology, including variable rate maps, to grow millions of acres of farmland in more than six countries. It aims to support farmers in agricultural decision-making.
The company has struggled financially and its stock price has fallen significantly since its initial public offering of $17 per share on the TSX in March 2021, forcing it to downsize.
The delisting and transition to full Fairfax ownership is expected to be completed around March 21st.
Related: Fairfax agrees to deal to take Farmers Edge private
