Ridley Corporation Completes Retail Entitlement Offer, Secures $125 Million for Strategic Acquisition

Ridley Corporation Limited ( (AU:RIC) ) has shared an update.

Ridley Corporation Limited has successfully completed its Retail Entitlement Offer, raising approximately $26 million as part of a larger $125 million capital raising initiative. The funds will be used to acquire the Incitec Pivot fertiliser distribution business from Dyno Nobel Limited for $300 million, enhancing Ridley’s market position and expanding its operational capabilities in the agricultural sector.

The most recent analyst rating on (AU:RIC) stock is a Buy with a A$2.75 price target. To see the full list of analyst forecasts on Ridley Corporation Limited stock, see the AU:RIC Stock Forecast page.

More about Ridley Corporation Limited

Ridley Corporation Limited is a company involved in the agriculture industry, primarily focusing on the production and distribution of animal nutrition solutions. The company is known for its comprehensive range of feed products and services, catering to various sectors within the agricultural market.

Average Trading Volume: 472,286

Technical Sentiment Signal: Buy

Current Market Cap: A$1B

For a thorough assessment of RIC stock, go to TipRanks’ Stock Analysis page.