MANKATO, MINNESOTA and WINNIPEG, MANITOBA -- 05/06/08 --
Ridley Inc. (TSX: RCL) (the "Company") announced today that its Board of Directors has initiated a strategic review process. This process is being undertaken as a result of Ridley Corporation Limited, the Company's 69% controlling shareholder, advising the Company's Board of Directors of its desire to sell its investment in the Company subject to receiving satisfactory offers. As a result, the Company has initiated a process to explore potential sale alternatives for Ridley Corporation Limited and other shareholders.
The Company has retained CIBC World Markets Inc. as its financial advisor and Davies Ward Phillips & Vineberg LLP as its legal advisor in connection with this process. The Company has commenced contacting potentially interested parties, certain of whom have entered into confidentiality agreements pursuant to which they will be provided with access to confidential information concerning the Company.
The strategic review process is at its initial stage and the Company has not yet received any proposals or offers for the Company, and no agreements, other than confidentiality agreements, have been entered into with any interested parties. Investors are cautioned that there can be no assurance that any transaction will be pursued, announced, entered into, or consummated by the Company in connection with the strategic review process.
About Ridley Inc.
Ridley Inc. (www.ridleyinc.com), headquartered in Mankato, Minnesota and Winnipeg, Manitoba, is one of North America's leading commercial animal nutrition companies. Ridley Inc. manufactures and/or distributes a full range of animal nutrition products under a number of highly regarded trade names.
Forward Looking Statements
Certain statements in this press release may constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligations to update or revise them to reflect new events or circumstances.
Contacts:
Ridley Inc.
Brian Hayward
Chairman of the Board
(204) 793-6617
Ridley Inc.
Steven J. VanRoekel
President & CEO
(507) 388-9618
Website: www.ridleyinc.com
