News > GCC News > GCC ENTERS INTO INITIAL MERGER DISCUSSIONS WITH HOOKER EQUITY EXCHANGE

GCC ENTERS INTO INITIAL MERGER DISCUSSIONS WITH HOOKER EQUITY EXCHANGE

Jul 13, 2022

To our valued members: 

Your Board of Directors have been approached by Hooker Equity Exchange in Hooker, OK and their Board of Directors about the possibility of a merger.   

Both boards have agreed to a merger study process that involves researching the potential value created by joining each cooperative’s assets including facilities, human talent, technology, systems and processes, and financials.  This study will determine how a merger would strengthen both of our cooperatives and verify initial assumptions.   

As you are aware, our industry is rapidly changing and farmer’s needs continue to evolve.  As our founder R.J. Ackley has stated, “Our success in the future depends not so much on how hard others fight us, as how well we conduct our own business and the type of service we render to our membership.” Looking to the Rochdale Principals of Cooperatives, Principal number six is cooperation among cooperatives.  It is in this spirit that we both see the benefits of working together to seize opportunities in the cooperative landscape to ensure we continue being able to provide needed service and resources to our membership.   

If a merger plan is approved by both boards, a member vote would be presented to the Hooker Equity Exchange stockholders.  The GCC stockholders would not be required to vote under its Articles of Incorporation.  

We know there will be questions and we will be happy to share more information with everyone after the results of the due diligence.  

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ABOUT HOOKER EQUITY EXCHANGE: Established in 1915, Hooker Equity is a full-service, single location cooperative serving the agricultural and general community of the Oklahoma Panhandle.  With grain storage and marketing solutions, a fuel department with cardtrol and bulk fuel delivery services, and a variety of feed, fertilizer and chemical solutions, Hooker Equity is poised to provide superior service for the growth and profitability of its members and the cooperative. More info at hookerequitycoop.com

 

 



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