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Archer Daniels Midland Co Makes Revised Proposal To Acquire GrainCorp Limited For AUD12.20 Share

Monday, 3 Dec 2012 07:15am EST 

Archer Daniels Midland Co announced it has delivered to GrainCorp Limited a revised non-binding proposal, with the aim of arriving at an agreement with GrainCorp`s Board of Directors under which they would recommend to GrainCorp shareholders an acquisition by ADM of all of GrainCorp for AUD12.20 a share in cash, with shareholders keeping the dividend of AUD0.35 announced on November 15. ADM`s revised non-binding proposal is subject to GrainCorp granting ADM access to conduct confirmatory due diligence, completion of that due diligence satisfactory to the ADM Board, and a recommendation from the GrainCorp Board. ADM is ready to commence due diligence immediately and expeditiously. ADM`s proposed price represents a material increase of AUD0.80 from the initial proposal of A$11.75 made on October 19, after allowing for the recent dividends totaling AUD0.35. The revised non-binding proposal represents1: a 39.6% premium to the last closing price of GrainCorp shares of AUD8.74 on October 18; a 38.8% premium to the one-month, volume-weighted average GrainCorp share price of AUD8.79 up to October 18; a 35.7% premium to the six-month, volume-weighted average GrainCorp share price of AUD8.99 up to October 18; and a 45.9% premium to the twelve-month, volume-weighted average GrainCorp share price of AUD8.36 up to October 18. 

Company Quote

-0.04 -0.46%
23 Jul 2014