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


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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.

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This article appears in: Investing Commodities
Referenced Stocks: ADM

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