GrainCorp announced that on Oct. 19 it received an indicative, non-binding proposal from ADM stating it is prepared to make an offer to acquire the outstanding shares in GrainCorp at a price of $11.75 per share in cash, subject to a number of conditions including due diligence, exclusivity and approval by the ADM board.
GrainCorp has been advised by ADM that it has acquired a 14.9% economic interest through equity derivative contracts.
The GrainCorp board is reviewing the proposal and has not yet formed a view on its merits and will keep the market informed of any material developments.
GrainCorp has a unique portfolio of integrated, strategic assets and is confident in its outlook and strategy to continue to deliver shareholder value. GrainCorp will provide a detailed update on the performance and outlook of the business at its upcoming results announcement.
GrainCorp has appointed Credit Suisse and Greenhill as financial advisers and Gilbert+Tobin as legal advisers.