Australia's Graincorp offers to buy Ridley
SYDNEY, May 16 (Reuters) - Australian grains handler Graincorp Ltd (GNC.AX: Quote, Profile, Research, Stock Buzz) said on Friday it had offered to buy agricultural feed firm Ridley Corp (RIC.AX: Quote, Profile, Research, Stock Buzz) for A$415 million ($392 million).
Graincorp is offering one of its share for every nine Ridley shares, and said it already has about 19 percent of Ridley through pre-bid acceptances.
Ridley is the parent company of Canadian-listed feeds firm Ridley Inc (RCL.TO: Quote, Profile, Research, Stock Buzz). (Reporting by Jonathan Standing)
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