(Dow Jones) -- Archer Daniels Midland Co. (ADM) has sweetened its takeover bid for Australia's GrainCorp Ltd. (GNC.AU) by 3.8%, a deal that now values the world's second-largest wheat exporter at about A$2.8 billion.
Archer is now offering GrainCorp shareholders A$12.20 a share in cash, up from its October offer of A$11.75. Archer noted that the new offer represents a 40% premium to the last closing price of GrainCorp shares on the day before the initial offer was unveiled.
Shareholders would keep the dividend of A$0.35 announced Nov. 15.
"Our proposal also offers more certainty, greater value and immediate realization ...