2141 GMT [Dow Jones] GrainCorp (GNC.AU) shares are set to plunge Friday after
Australian Treasurer Joe Hockey rejected Archer Daniels Midland's (ADM) A$3 billion
takeover bid for the bulk grain handler. U.S. hedge funds will be shocked by the
decision, which comes well before a Dec. 17 deadline. While they had trimmed the
probability of a deal going ahead after a recent press report saying the government was
inclined to reject it, most hedge funds were confident it would be approved. GrainCorp
shares are likely to lose all of their takeover premium when trading resumes, suggesting
it could fall as much as 22% to the pre-takeover level of A$8.70. Response from the
company is awaited. GNC last A$11.20.
deal is knocked back
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Last
$8.87 |
Change
0.000(0.00%) |
Mkt cap ! $1.989B | |||
| Open | High | Low | Value | Volume |
| $8.90 | $8.96 | $8.84 | $5.037M | 566.6K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 6116 | $8.86 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $8.90 | 1891 | 2 |
View Market Depth
| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| GNC (ASX) Chart |