GrainCorp shares rise after ADM raises bid, stake

SYDNEY Mon Dec 3, 2012 7:03pm EST

SYDNEY Dec 4 (Reuters) - Shares in Australia's GrainCorp Ltd rose 3 percent on Tuesday after U.S. agribusiness giant Archer Daniels Midland Co raised its takeover bid for the grains handling company.

Shares in GrainCorp rose as high as A$12.33 compared with ADM's revised A$12.20 per share offer, which values the company at A$2.8 billion ($2.9 billion).

ADM also said it had raised its stake in GrainCorp, the last major independent grains handler in Australia, to 19.9 percent -the maximum it can hold before making a full takeover offer.