On Monday VeraSun announced it had received an unsolicited indication of interest in purchasing all of the company's assets. One of the nation's largest ethanol producers, VeraSun has 14 plants operating in the Midwest with others under construction.
The indication of interest from an unidentified third party is subject to significant conditions, and in no way means there will be a transaction or even an offer to purchase the company. VeraSun plans to pursue this indication of interest as well as evaluate other possibilities that may arise in accordance with its obligations as a debtor in possession under chapter 11 of the Bankruptcy Code.
On Monday Jeff Broin, CEO of major ethanol producer POET, said his company is in "serious discussions with a couple of ethanol producers regarding possible acquisitions." Both VeraSun and POET cited "confidentiality considerations" in not releasing the names of other parties involved in negotiations.
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