Green Plains Renewable Energy, Inc. (GPRE) announced that it has completed the previously-announced merger with VBV LLC and its subsidiaries, effective October 15.
The merger creates one of the nation's largest publicly-traded ethanol production companies, with complementary grain, agronomy, feed, fuel, and ethanol marketing and distribution operations. At closing, VBV and its subsidiaries were merged into subsidiaries of Green Plains. VBV equity holders received Green Plains' common stock and options totaling 11.14 million shares. Simultaneously at closing, certain of VBV's equity holders invested $60 million in Green Plains' common stock by purchasing an additional six million shares at a price of $10 per share.
Post-merger, Green Plains has four ethanol plants and eight grain elevators, with an expected annual operating capacity of 330 million gallons of ethanol and grain storage capacity of 22 million bushels.
For the next 20 business days, Green Plains common stock will trade under the symbol "GPRED." Thereafter, beginning on November 10, 2008, the common stock will resume trading under the symbol "GPRE."
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