Agri-tech Green Plains announces strategic review, Ancora standstill

Ethanol plant in Milton, Wisconsin.

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Ethanol producer and agri-tech company Green Plains said Wednesday that it would initiate a strategic review, a year after activist investor Ancora sent a letter to its board encouraging it to do just that.

Shares jumped more than 15% in midday trading following the news, which was announced alongside the company’s fiscal fourth-quarter results. Ancora, a 6.8% shareholder per FactSet data, and Green Plains have also signed a cooperation agreement, which includes a standstill.

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