The proposal was subject to a number of conditions including due diligence, exclusivity and approval by the ADM board.
GrainCorp’s board, together with its advisers, has reviewed and assessed the merits of the Proposal. GrainCorp is confident in its outlook and strategy to continue to deliver shareholder value. The GrainCorp board has determined that the proposal materially undervalues
GrainCorp and has advised ADM accordingly. The GrainCorp board says it remains committed to maximising value for shareholders.
ADM spokesperson Jackie Anderson issued the following statement in response: “We note GrainCorp’s response today to our proposal. On October 19, we approached GrainCorp’s board with a proposal that represented a significant premium to the prevailing GrainCorp share price at the time of our approach. We believe it remains an attractive proposal.”
Source: GrainCorp/ADM
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