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


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 The NASDAQ OMX Group, Inc.

This article appears in: Investing , Commodities

Referenced Stocks: ADM

Find a Credit Card

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