Green Plains Enters Cooperation Agreement with Ancora Holdings
– Ancora Holdings, a major shareholder of sustainable bioingredient maker Green Plains, has reported holding a significant number of shares in the company. As part of a cooperation agreement signed on February 6th, Green Plains will conduct a formal review of its business and explore strategic alternatives to maximize its value. Ancora, with its 4,176,058 shares, will vote in favor of board initiatives that come up for shareholder vote. However, Ancora has the option to vote against the board if its recommendations are opposed by Institutional Shareholder Services and Glass, Lewis. Under the agreement, Ancora will also limit its stake in Green Plains to no more than 9.9%. The company currently holds a 7% stake. This agreement will be in effect 100 days before the first anniversary of Green Plains’ 2024 annual shareholders meeting. The stock has experienced a significant decline of about 33% in the past year.
Key message: Green Plains partners with Ancora Holdings to explore strategic alternatives and maximize value.
Keywords: Green Plains, Ancora Holdings, cooperation agreement, strategic alternatives, shareholder vote
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