(Winnipeg) Shares of Ag Growth International closed up more than 11% on Wednesday after the company announced it had rejected an unsolicited takeover offer.
AGI shares were up $5.13, or 11.15%, at $51.15 on the Toronto Stock Exchange, after hitting $54 during the session.
The company did not say who made the non-binding, conditional purchase proposal, but said it determined the offer was not in the best interests of AGI or its shareholders.
AGI said it was not in talks with any third party and there was no agreement regarding any proposal.
AGI manufactures agricultural equipment such as grain handling equipment and storage bins as well as steel buildings and structures.
The company has manufacturing facilities in Canada, the United States, Brazil, India, France and Italy.