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Mike MacBain Viterra Inc VT-T COMMENT Dec 07, 2012

6.406% bonds due Feb 16/21. What impact will a takeover by Glencore have on these? Feels that at the end of the day this will be negative for bondholders and positive for stockholders. Glencore is not guaranteeing Viterra’s debt. Also, they are planning on selling about $2.6 billion of Viterra’s assets, which is a negative for the bonds.

Mike MacBain

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$16.200

Stock price when the opinion was issued

agriculture

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COMMENT

Subject to a takeover with a bunch of people looking at different chunks of the company. Likelihood of further gains on a potential takeover is pretty limited.

PAST TOP PICK

(A Top Pick May 30/11. Up 34.3%.) Sold his holdings at $16 on the takeover news.

PAST TOP PICK

(A Top Pick June 30/11. Up 53.5%.) Sold at $16.

COMMENT

The sale of this company has been approved and Saskatchewan government will not be interfering.

SELL

Approved takeover today so it will be de-listed. At this point you take your money early and re-invest it. Move the money to Alliance Grain Traders.

SELL

Nothing is going to happen to the company. It is dead money for now. No prospect for another bid so not prospect for upside. Hopefully you can find something better to do with the money.

PAST TOP PICK

(A Top Pick June 30/11. Up 56.27%.) This company was acquired. Sold his holdings at $16.

HOLD

Thinks this is a done deal. Glencore has taken it over. There are parts of business that AGU had taken over and sold to CF industries. A week to 3 weeks and this should be wrapped up.

BUY

(Market Call Minute) Buy because it is off a bit from the implied deal price.

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Mike MacBain Viterra Inc VT-T COMMENT Dec 07, 2012

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