GrainCorp

Commodities broker Archer Daniels Midland (ADM) has made a takeover offer for grain handling business GrainCorp. ADM has offered $13.20 per share, comprising $12.20 in cash and $1 as a fully franked dividend, valuing GrainCorp at $3bn. Despite GrainCorp’s board recommending the bid, it isn't a done deal. Three things could yet chaff: regulatory approval is needed from several agencies, 50.1% of shareholders need to approve the bid and an independent expert must find the deal fair and reasonable. The last point is a near certainty and, with ADM already holding almost 20% of the stock pre-bid and winning...

Commodities broker Archer Daniels Midland (ADM) has made a takeover offer for grain handling business GrainCorp. ADM has offered $13.20 per share, comprising $12.20 in cash and $1 as a fully franked dividend, valuing GrainCorp at $3bn. Despite GrainCorp’s board recommending the bid, it isn't a done deal.

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