Archer Daniels Lobs Sweetened $3B Bid At GrainCorp

Law360, New York (December 3, 2012, 3:26 PM EST) -- Grain handler Archer Daniels Midland Corp. on Monday boosted the value of its offer for Australian rival GrainCorp to AU$2.9 billion ($3 billion), forging ahead with takeover plans after GrainCorp rejected an earlier bid as inadequate.

Under the revised terms, GrainCorp shareholders would receive AU$12.20 for each of their shares, a 39.6 percent premium over the closing price the day before Archer Daniels made public its first offer — AU$11.75 per share — in October.

GrainCorp shot down the original proposal, which valued the company at...
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