Thirdcoast told to end search for alternate deal; P & H takeover expected to proceed

Thursday, July 5, 2012

By DAVE PINK

The Ontario Securities Commission (OSC) has opened the door to the takeover of the grain elevators in Goderich and Port Colborne by Winnipeg-based Parrish and Heimbecker Ltd.

The OSC ordered this week that Thirdcoast Limited, which owns the Goderich grain terminal and leases the Port Colborne facility from the municipality, end its search for an alternate buyer. Thirdcoast directors began their search for a better deal for the company’s shareholders after Parrish and Heimbecker issued an offer to buy Thirdcoast shares earlier this year.

The OSC ruled that there was no indication of any interest from a second possible buyer and that Thirdcoast would not be allowed to obstruct Parrish and Heimbecker in its pursuit of Thirdcoast shares.

Thirdcoast shareholders were advised of the OSC ruling on the company’s website, and advised to consider the offer made by Parrish and Heimbecker. Thirdcoast president Don Henry could not be reached for comment.

Parrish and Heimbecker announced in a press release this week that it had already  acquired 87 per cent of the Thirdcoast shares, most of them after a May 31 offer of $155 per share.

There was no indication of how the Parrish and Heimbecker takeover will proceed and no indication how operations at the two grain handling facilities will be affected. Thirdcoast also owns and operates a mustard milling business in Hamilton.

Shareholders whose common shares are registered in the name of an investment dealer, stockbroker, bank, trust company or other nominee, should contact that nominee immediately for assistance on how to deposit common shares under the Parrish and Heimbecker offer, the company said in its news release. Spokespeople for Parrish and Heimbecker could not be reached for comment.

Parrish & Heimbecker is a 103-year-old privately held Canadian company with grain elevators, terminals and flour mills across Canada. BF