Applied Microbiology, Burns Philp & Co. Ltd. deal

The companies signed a non-binding letter of intent under which AMBI would sell back to Burns Philip the food preservatives business of Aplin & Barrett Ltd.

AMBI would receive $13.5 million in cash, a $2.5 million loan and the return of 2.42 million AMBI common shares owned by Burns Philp. AMBI, which closed at $3.875 on Friday, has 20.6 million shares outstanding prior to the agreement. AMBI plans to retire the recovered shares. ...