Shares of digital agriculture player Farmers Edge (Farmers Edge Stock Quote, Chart, News, Analysts, Financials TSX:FDGE) are leading the TSX today on a takeover bid.
FDGE today announced that Fairfax Financial, already the company’s majority shareholder, increased its bid for the company from $0.25 to $0.35.
A special committee of independent directors has unanimously approved the deal.
Founded in 2005 with its headquarters in Winnipeg, Farmers Edge provides digital agriculture delivering solutions of field-centric data, artificial intelligence and integration with connectivity across the agricultural ecosystem.
On November 9, FDGE reported its Q3, 2023 results. The company lost $17.9-million on revenue of $4.43-million, a topline that was down from $5.94-million in the same period a year prior.
“In the third quarter, we made significant improvements in adjusted free cash flow and adjusted EBITDA while putting the building blocks in place to expand our topline in the future,” CEO Vibhore Arora said. “The strategic partnership with Claro demonstrates our commitment to driving revenue growth. We are confident that this deal marks the beginning of our revenue turnaround and appreciate Fairfax’s support, which will enable us to continue executing our business plan.”
At press time, shares of Farmers Edge were up 34.0 per cent to $0.335.
About The Author /
Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
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