A Canadian bank that was owed more than $160 million by the former Future Beef Operations plant in Arkansas City bid $28.7 million Wednesday to become its new owner.

The Bank of Nova Scotia beat out two other bidders at a public auction in Broomfield, Colo.

The local group, Cowley County Acquisition LLC, bowed out after bidding $27.6 million. A third bidder, Smithfield Foods, dropped out after bidding $26 million.

The sale won’t be final until after a hearing today in United States Bankruptcy Court for the District of Colorado.

The bank has designated the Creekstone Farms Inc. of Kentucky to run the plant. Creekstone president and founder John Stewart said he hoped the plant was running by spring.

Stewart anticipates the plant opening with a work force of about 500.

“We’re looking forward to becoming part of the community,” Stewart said.