Ag Services of America Shareholders Approve Transaction with Rabobank International.Business Editors CEDAR FALLS Cedar Falls, city (1990 pop. 34,298), Black Hawk co., N Iowa, on the Cedar River; inc. 1854. It developed as a milling center in the late 19th-century after the coming of the railroad; its name is derived from the cedar tree. , Iowa--(BUSINESS WIRE)--Dec. 31, 2003 Ag Services of America, Inc. (NYSE NYSE See: New York Stock Exchange :ASV ASV abbr. Bible American Standard Version ASV n abbr (= American Standard Version) → traduction de la Bible ASV n abbr (Bible) (= ) today announced that shareholder approval was received on December 30th for the proposed sale of the company to Rabobank International, the corporate and investment banking arm of the Netherlands-based Rabobank Group. Ag Services of America has become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Rabobank and shareholders of Ag Services will receive $8.50 per share. Upon today's closing of the transaction, the newly acquired company will be named Rabo AgServices, Inc. Current Chief Executive Officer Kevin Schipper will be President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the new Rabobank subsidiary. Shawn Smeins will remain Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and two Rabobank officers, Robert Stevens and Thomas Levasseur, will become Chief Credit Officer and Chief Financial Officer respectively. Rabobank has previously stated that its acquisition of Ag Services of America builds upon its strategy of exporting its core competencies in retail banking and agricultural lending from its home market of the Netherlands to the most promising markets around the world. This acquisition will broaden and deepen Rabobank's capabilities and geographic reach in the U.S. to the agricultural sector. Ag Services of America, Inc. (www.agservices.com) is based in Cedar Falls, Iowa Cedar Falls is a city in Black Hawk County, Iowa, United States, and it is home to one of Iowa's three public universities, the University of Northern Iowa. The population was 36,145 at the 2000 census. , and is a leading supplier of crop input financing to primarily corn and soybean soybean, soya bean, or soy pea, leguminous plant (Glycine max, G. soja, or Soja max) of the family Leguminosae (pulse family), native to tropical and warm temperate regions of Asia, where it has been growers in the U.S. The Company's business model includes competitive and flexible financing packages through its AgriFlex Credit(R) program. The Company also administers additional financing programs for various suppliers, manufacturers and distributors in the agricultural industry and provides ancillary services such as crop insurance. The Rabobank Group (www.rabobank.com) is a broad financial services provider. Its cooperative foundation has given it a clear customer focus. All the divisions of the Group work in close cooperation in order to jointly offer customers a superior price-quality ratio and a wide range of financial services and products, such as payment, saving, lending, insuring and investing. The Group consists of 341 independent local cooperative Rabobanks and encompasses specialized subsidiaries and entities such as De Lage Landen (leasing and vendor financing Vendor Financing The lending of money by a company to one of its customers so that the customer can buy products from it. By doing this, the company increases its sales even though it is basically buying its own products. ), Gilde Investment (venture capital), Interpolis (insurance), Rabobank International (corporate and investment banking) and Robeco (asset management). The Group is represented internationally with 169 locations in 34 countries. The Rabobank Group has received the highest credit rating from Moody's and Standard & Poor's. The Rabobank Group has over nine million private and business customers and is market leader in The Netherlands in virtually every area of financial services. AgriFlex Credit is a registered trademark of Ag Services of America, Inc. All other trademarks or product names are the property of their respective owners. For more information visit www.agservices.com or www.rabobank.com. |
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