Archer Daniels Offers $2.8B For Aussie Rival GrainCorp

Law360, New York (October 22, 2012, 2:56 PM EDT) -- U.S.-based Archer Daniels Midland Co. lobbed a AU$2.7 billion (US$2.8 billion) bid at rival GrainCorp, the Australian agricultural commodities trader said Monday, paving the way for a deal that would further expand Archer Daniels' global business.

Under the proposed terms, Archer Daniels offered AU$11.75 in cash to GrainCorp investors, a premium of about 33 percent over Friday's close. GrainCorp's board is evaluating the proposal to decide whether to open its books to Archer Daniels, it said, noting that the proposed takeover hinges on due diligence and...
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