FARM BUSINESS NEWS
ADM Raises Takeover Bid
Mon Dec 3, 2012 03:19 PM CST

(Dow Jones) -- Archer Daniels Midland Co. (ADM) has sweetened its takeover bid for Australia's GrainCorp Ltd. by 3.8%, a deal that now values the world's second-largest wheat exporter at about A$2.8 billion.

ADM 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 of ...

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