GrainCorp Shares Up with Formal Takeover Bid from ADM

By International Business Times,  October 21, 2012, 10:49:51 PM EDT

Shares of Australia's largest listed grain trader GrainCorp Ltd. surged on Monday as it confirmed it had received a formal non-binding takeover bid from US giant Archer Daniel Midlands Co. ( ADM ).

The market got elated when Graincorp announced in a statement that ADM had submitted an $11.75 per share, prompting stocks to leap 41 per cent to A$12.51 per share after a trading halt that was effected last Friday morning was lifted at 11am AEDT on Monday. Before's Friday's trading halt, Graincorp's shares were at A$8.85 per share.

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



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