Bankrupt ethanol producer VeraSun Energy says it is entertaining an unsolicited buyout offer, which may very well be from a Sioux Falls, S.D., neighbor.
VeraSun filed for Chapter 11 bankruptcy protection on Halloween, citing heavy third-quarter losses resulting from losses on its hedging arrangements, high corn prices, and weakened margins. It has since announced the closing of its new plant in Dyersville.
Today VeraSun announced that it has received a non-binding indication of interest for the purchase of all its assets.
The prospective buyer was not named. The timing, however, pointed straight to POET LLC, the nation's largest ethanol producer.
POET CEO Jeff Broin told the Associated Press on Monday that the privately held company is in buyout talks with a number of ethanol companies.
If a deal is reached, it would combine the nation's largest ethanol producer with its second largest.
VeraSun said it not only intends to pursue the indication of interest, but will evaluate other proposals it may receive.
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