Union Acquisition Corporation Announces Intent to Make Open Market Purchases
Union Acquisition Corporation (LTN), announced this morning their intent to make purchases of up to $3 million of Union’s shares, rights and/or warrants in the open market. The actual number of shares, rights and/or warrants which will be purchased, and the timing of such purchases, will be determined by the members of UAC’s sponsor, or entities affiliated with members of the sponsor, and the price which the Company will pay for the securities will be the market price at the time of the purchases.
Union’s close price yesterday was $10.05 and we are estimating the cash per share in trust is currently ~$10.25.
Union Acquisition Corp. announced their business combination with Bioceres, back on November 8, 2018. Bioceres, which is headquartered and with primary operations in Argentina, is a fully integrated provider of crop productivity solutions, including seeds, seed traits, seed treatments, biologicals, high-value adjuvants and fertilizers. The transaction has a currently anticipated initial enterprise value of approximately U.S.$484 million and post consummation of the transaction, which is expected to close in the first quarter of 2019, Union will change its name to Bioceres Crop Solutions and is expected to continue its listing on the New York Stock Exchange (“NYSE”) under the new symbols “BIOX” (shares) and “BIOX WS (warrants).