Aventine purchases Nebraska Energy

By | January 03, 2009
Pekin, Ill.-based Aventine Renewable Energy Holdings Inc. has completed the purchase of Nebraska Energy Co-op's 21.58 percent interest in Nebraska Energy LLC, a 50 MMgy ethanol plant in Aurora, Neb. The co-op's interest was purchased for 1 million shares of Aventine's common stock. The stock was estimated to have a value of $6.6 million, or $6.62 per share, based on the average of Aventine's closing stock price on the acquisition announcement date July 31, and the four days preceding and the four days following the announcement date. Aventine now owns 100 percent of Nebraska Energy.