Wed Dec 12, 2012 05:12 PM CST

SYDNEY (Dow Jones) -- GrainCorp Ltd. Thursday rejected U.S. agricultural giant Archer Daniels Midland Co.'s revised A$2.8 billion (US$2.95 billion) bid for the company, arguing that it once again "materially undervalues the company."

ADM raised its bid for the Australian grain exporter by 3.8% to 12.20 Australian dollars (US$12.87) a share earlier this month, valuing GrainCorp around A$2.8 billion. That's up from its original October offer of A$11.75 and represents a 40% premium to the closing price of GrainCorp shares the day before the initial offer was unveiled.

But GrainCorp, which last month reported a record profit in fiscal 2012 ...

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