Green Biologics to acquire Minnestoa-based ethanol producer
Mary Page Bailey
Green Biologics, Inc. (Gahanna, Ohio; www.greenbiologics.com), a technology developer and emerging bio-based chemicals, and Central MN Ethanol Co-op (CMEC; www.centralmnethanol.com), an ethanol producer in Little Falls, Minn., have announced that Green Biologics, Inc. has entered into an exclusive letter of intent to acquire substantially all of CMEC’s assets. While both parties have reached preliminary agreement on the key terms of the proposed transaction, the final terms to be documented in the Asset Purchase Agreement are currently being negotiated and all related documentation finalized. Among other things, the proposed transaction is subject to customary closing conditions and regulatory approvals, including the approval of CMEC’s members. CMEC will seek member approval upon completion of the proposed Asset Purchase Agreement and distribution of CMEC’s informational materials to its shareholders. Timing of the transaction closing is expected in 2014.