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Israel, China and the U.S. The acquisition resulted in fair
value measurements that are not on a recurring basis
On February 9, 2012, we completed the acquisition of
and did not have a material impact on our consolidated
Solbar Industries Ltd., an Israeli company (Solbar),
results of operations. Purchase accounting has been
included in our Ag segment. Effective upon the closing
finalized and fair values assigned to the net assets
of the merger, each outstanding share of Solbar was
acquired were as follows:
converted into the right to receive $4.00 in cash,
without interest, and each outstanding Solbar stock (DOLLARS IN THOUSANDS)
option was terminated in exchange for a cash payment
Current assets $74,240
in an amount per share equal to the difference between
Investments 961
the applicable exercise price per share and $4.00, for
total consideration paid of $128.7 million, net of cash Property, plant and equipment 71,324
acquired of $6.6 million. Solbar provides soy protein Goodwill 39,794
ingredients to manufacturers in the meat, vegetarian, Definite-lived intangible assets 23,306
beverage, bars and crisps, confectionary, bakery, and Current liabilities (63,417)
pharmaceutical manufacturing markets. This acquisition
Long-term debt (15,849)
deepens our presence in the value-added soy protein
Other liabilities (1,694)
market. The fair market value of net assets was deter-
mined by market valuation reports using Level 3 inputs. Total net assets acquired $128,665
Allocation of purchase price for this transaction resulted
in goodwill of $39.8 million, which is nondeductible for
tax purposes, and definite-lived intangible assets of
$23.3 million. As this acquisition is not material,
In November 2011, we acquired an oilseed crushing
proforma results of operations are not presented. Solbar
facility in Creston, Iowa for $32.3 million.
and its subsidiaries operate primarily in the countries of
66 CHS 2013
SEVENTEEN: Acquisitions, continued
Solbar:
Creston: