Lofts Seed Inc.

United States

Agribiotech Inc. has agreed to acquire Lofts Seed Inc. of Winston-Salem, N.C., for about $17 million in cash and $17 million in stock. Under the deal, Agribiotech will issue two million common shares, which were priced at $8.50 a share at the time of the agreement. Lofts Seed and its affiliated companies, which include Sunbelt Seed and Budd Seed, have combined annual sales of about $75 million.