GrainCorp takeover extended

US agribusiness giant gives shareholders more than two months extra to accept after failing to gain enough support.

United States agribusiness giant Archer Daniels Midland Company has pushed back the deadline of its $3.4 billion takeover offer for GrainCorp (GNC) by more than two months, after failing to shore up enough shareholder support for the deal.

ADM today had only secured half the support needed for the tilt.

In a statement to the Australian Securities Exchange, the group said its offer to shareholders was to close on August 31 but the group has extended it to November 16.

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