Here's the scoop, from AFR Street Talk, just out:
http://www.afr.com/p/opinion/takeover_bid_for_graincorp_XBUXjw6ZI5qDdkuJI4WZiK
ADM thought to buy 10pc of GrainCorp
US agriculture company Archer Daniels Midland is believed to be the buyer of a 10 per cent stake in GrainCorp traded on Friday morning.
It is understood Citigroup bought 22.8 million GrainCorp shares on behalf of ADM, at $11.75 a share.
The price was a 32.8 per cent premium to GrainCorp’s close of $8.85 on Thursday and has sparked speculation that a takeover bid is on its way.
A GrainCorp spokesman did not immediately return calls.
ADM is a US-listed $US20 billion producer of food ingredients, animal feeds and feed ingredients, biofuels and other agricultural products.
It recently missed out on acquiring Viterra, which was bought by Glencore.
GrainCorp has long been regarded as a strategic asset. The company recently raised $159 million at $8.80 a share to fund the acquisition of Goodman Fielder’s fats and oils business Integro.
UBS told clients the buyer was understood to be after 15 per cent of the company, which is the most a foreign buyer could take before requiring Foreign Investment Review Board approval.
It may imply the buyer already had 4.99 per cent.
The $11.75 a share price tag valued GrainCorp at 8.9 times 2013 expected EBITDA, UBS said.
The average multiple for similar transactions was 9.7 times EV/EBITDA, which implied $12.93 per share for GrainCorp, UBS said.
According to Bloomberg, 22.8 million GrainCorp shares traded early on Friday morning at $11.75 a share.
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Last
$7.59 |
Change
0.020(0.26%) |
Mkt cap ! $1.687B |
Open | High | Low | Value | Volume |
$7.72 | $7.81 | $7.56 | $7.452M | 974.6K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 750 | $7.57 |
Sellers (Offers)
Price($) | Vol. | No. |
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$7.60 | 1850 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 750 | 7.570 |
1 | 200 | 7.550 |
1 | 3000 | 7.540 |
1 | 500 | 7.520 |
1 | 2000 | 7.500 |
Price($) | Vol. | No. |
---|---|---|
7.600 | 1850 | 1 |
7.620 | 4900 | 1 |
7.650 | 132 | 1 |
7.700 | 1355 | 1 |
7.710 | 4000 | 2 |
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