GrainCorp Junks $3B Takeover Bid By ADM, Says Offer Undervalued Company

By Esther Tanquintic-Misa,

Shutterstock photo

Australia's largest listed grain trader, GrainCorp Ltd., announced on Thursday it has junked the A$2.7 billion ($2.8 billion) takeover approach by U.S.-based Archer Daniel Midlands Co. ( ADM ), saying the cash offer of $11.75 per share "materially undervalues" the company.

The grains trader, however, said it is still open to future takeover approaches of its U.S. suitor as long as they include the best interests of GrainCorp shareholders, said Alison Watkins, chief executive officer of the Sydney-based company.

Read More on International Business Times

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Commodities
Referenced Stocks: ADM

More from International Business Times


International Business Times

International Business Times

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by