CHICAGO May 1 Archer Daniels Midland Co
on Wednesday said it completed due diligence on GrainCorp Ltd
and intends to move forward with a cash offer to
acquire the Australian grain handler.
GrainCorp's board, which rejected two earlier offers from
ADM during a six-month courtship, last week backed a revised
A$13.20 a share deal that included A$1.00 a share in dividends.
The deal needs regulatory approval.
ADM, one of the world's top grain traders, on Wednesday
reported lower-than-expected earnings for the first quarter
ended March 31, citing lingering pressure from a U.S. drought
that slashed harvests last year.