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Two ethanol producers said Thursday that they're joining forces, as VeraSun Energy (VSE Quote) set plans to acquire US BioEnergy (USBE Quote).
Under the merger agreement, VeraSun will issue 0.81 shares for each share of US BioEnergy. The existing VeraSun shares will remain intact and will represent around 60% of the combined stock outstanding after the merger.
Based on VeraSun's Wednesday finish at $10.64, each US BioEnergy share is being valued at roughly $8.62, 59 cents above its last close. Recently, US BioEnergy was up 62 cents, or 7.7%, to $8.65. VeraSun was gaining 30 cents to $10.94. ...
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