GrainCorp rejects ADM offer | My Machinery
CASE Agriculture
GrainCorp rejects ADM offer

Graincorp has rejected the revised $2.78 billion bid from US agribusiness Archer Daniels Midland. The grains handler said the offer undervalued the company, even after ADM had lifted its offer from $11.75 per share to $12.20 a share. “GrainCorp’s board will be constructive in any dealings in relation to proposals that have the potential to be in the best interests of shareholders,” the company said in a statement. “GrainCorp has a unique portfolio of integrated, strategic assets and is confident in its outlook and strategy to continue to deliver shareholder value.” “The increase in the proposed price has not changed the board’s view that ADM’s proposal materially undervalues GrainCorp.”

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CASE Agriculture