GrainCorp Shares Up with Formal Takeover Bid from ADM

By Esther Tanquintic-Misa,

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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.

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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

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