Key Developments: MGP Ingredients Inc (MGPI.O)
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Latest Key Developments (Source: Significant Developments)
MGP Ingredients Inc Announces Review Of Strategic Alternatives
MGP Ingredients Inc announced that the Board of Directors has authorized a review of strategic alternatives. The Board of Directors has established a Special Committee of six independent directors to conduct the review. The Special Committee has retained BMO Capital Markets Corp. as its financial advisor. The Company has not set a definitive timetable for completion of its evaluation and there can be no assurances that the process will result in any transaction being announced or completed. The Company does not plan to disclose or comment on developments regarding the strategic review process until further disclosure is deemed appropriate. The initiation of a review of strategic alternatives will allow the Company to explore options that may accelerate the realization of value for the benefit of its stockholders. While alternatives are reviewed, the Company remains focused on executing on its operational plan to realize the long-term value of its assets. Full Article
MGP Ingredients Inc Declares Dividend
MGP Ingredients Inc announced that it has declared a dividend of $0.05 per share on the Company's common stock on February 28, 2013. The dividend is payable on April 10, 2013, to stockholders of record as of March 18, 2013. Full Article
MGPI Processing, Inc. Declares Dividend
MGPI Processing, Inc. announced that its Board of Directors has declared a dividend of $0.05 per share on the company's common stock. The dividend is payable on April 19, 2012, to stockholders of record as of March 22, 2012. Full Article
MGP Ingredients Inc Declares Dividend
MGP Ingredients Inc announced that the Board of Directors declared a dividend of $0.05 per share on the Company's common stock. The dividend is payable on April 19, 2012, to stockholders of record as of March 22, 2012. Full Article
MGP Ingredients Inc Announces Formation Of New Holding Company
MGP Ingredients, Inc. announced that it has reorganized by creating a new holding company structure. The business operations of the Company and its subsidiaries will not change as a result of the reorganization. As part of the holding company reorganization, a new parent company was formed. Outstanding shares of the capital stock of the former parent company, which was formerly named MGP Ingredients, Inc. and is named MGPI Processing, Inc., were automatically converted, on a share for share basis, into identical shares of common stock and preferred stock of the new holding company. The new parent company is named MGP Ingredients, Inc. Full Article
MGP Ingredients Inc Finalizes Purchase Of Lawrenceburg, Indiana Distillery Assets
MGP Ingredients Inc announced that with the finalization of a previously-announced asset acquisition, MGP Ingredients, Inc. significantly strengthened its role in serving beverage alcohol customers in the branded packaged goods industry. Through its wholly owned subsidiary, MGPI of Indiana, LLC, the Company acquired Lawrenceburg Distillers Indiana, LLC (LDI) distillery assets located in Lawrenceburg, Ind. and the adjacent community of Greendale, Ind. The assets include alcohol fermentation and distillation operations, as well as bulk barrel storage facilities, blending operations and a tank farm. Based on terms of the purchase agreement, the Company paid LDI cash equal to the current assets minus current liabilities of the distillery assets, estimated at $11 million. The purchase price payment is subject to post-closing adjustments to fund a working capital true-up and to fund possible future indemnification claims. The acquisition was funded through bank financing. Full Article
MGP Ingredients Inc's MGPI of Indiana, LLC Finalizes Purchase Of Lawrenceburg, Indiana Distillery Assets
MGP Ingredients Inc announced that with the finalization of a previously-announced asset acquisition, the Company through its wholly-owned subsidiary, MGPI of Indiana, LLC, acquired Lawrenceburg Distillers Indiana, LLC (LDI) distillery assets located in Lawrenceburg, Ind. and the adjacent community of Greendale, Ind. The assets include alcohol fermentation and distillation operations, as well as bulk barrel storage facilities, blending operations and a tank farm. Based on terms of the purchase agreement, the company paid LDI cash equal to the current assets minus current liabilities of the distillery assets, estimated at $11 million. The purchase price payment is subject to post-closing adjustments to fund a working capital true-up and to fund possible future indemnification claims. The acquisition was funded through bank financing. The facilities now owned by MGPI at the Lawrenceburg Distillers site encompass over 50 acres, or approximately two-thirds of the total land area of 78 acres on which the LDI complex is situated. Other assets related to bottling and finished goods packaging, as well as the remaining acreage, have been acquired by a third party, which is not affiliated with MGPI. Full Article
MGP Ingredients Inc's Subsidiary Signs Agreement With Lawrenceburg Distillers Indiana, LLC
MGP Ingredients Inc announced that its wholly owned subsidiary, MGPI of Indiana, LLC, signed an agreement with Lawrenceburg Distillers Indiana, LLC (LDI) to acquire LDI's beverage alcohol distillery assets located in Lawrenceburg, Ind., and used in the production of customized and grade whiskeys, gins and grain neutral spirits. The LDI assets to be purchased include distillery assets, related bulk barrel storage facilities, blending operations and a tank farm. The Company will pay LDI cash equal to the current assets minus current liabilities of the distillery assets, currently estimated at $15,000,000, as of the closing date. The acquisition is subject to certain regulatory approvals and the satisfaction of other customary closing conditions. The purchase is expected to close in the fourth quarter of calendar year 2011 or the first quarter of calendar year 2012 and is expected to be funded through bank financing. Full Article
MGP Ingredients Inc's MGPI of Indiana, LLC Signs Agreement With Lawrenceburg Distillers Indiana, LLC To Acquire Beverage Alcohol Distillery Assets
MGP Ingredients Inc announced that its wholly-owned subsidiary, MGPI of Indiana, LLC, signed an agreement with Lawrenceburg Distillers Indiana, LLC (LDI) to acquire LDI's beverage alcohol distillery assets located in Lawrenceburg, Ind., and used in the production of customized and grade whiskeys, gins and grain neutral spirits. The LDI assets to be purchased include distillery assets, related bulk barrel storage facilities, blending operations and a tank farm. The Company will pay LDI cash equal to the current assets minus current liabilities of the distillery assets, currently estimated at $15,000,000, as of the closing date. The purchase is expected to close in the fourth quarter of calendar year 2011 or the first quarter of calendar year 2012 and is expected to be funded through bank financing. Full Article
MGP Ingredients Inc Declares Dividend; Approves Fiscal Year Change
MGP Ingredients, Inc. announced that the Board of Directors declared a dividend of $0.05 per share on the Company's common stock. The dividend is payable on October 13, 2011 to stockholders of record as of September 15, 2011. Directors also approved a change in the company's fiscal year-end from June 30 to December 31. This change becomes effective with the start of the 2012 calendar year on January 1. Full Article
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