Ethanol producer and agri-tech company Green Plains said Wednesday that it would initiate a strategic review, a year after activist investor Ancora sent a letter to its board encouraging it to do just that.
Ancora, a 6.8% shareholder per FactSet data, and Green Plains have also signed a cooperation agreement, which includes a standstill.
The strategic review will explore value enhancements up to and including a merger or sale, the company said.
Green Plains had diversified beyond pure-play ethanol production to build out clean sugar and corn oil production.
Green Plains is one of the largest domestic producers of ethanol and was founded in 2004.
Persons:
Ancora, Todd Becker, Robinson
Organizations:
Plains, Department of Energy, Norfolk, Disney, Hasbro, 13D, CNBC PRO
Locations:
Green, Green Plains, U.S