GNC graincorp limited
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News: Graincorp to recommend bid

  1. FNN News
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    26/04/13
    11:32
    Post #: 11688915
    .


    Graincorp Limited (ASX:GNC) will recommend its shareholders accept the latest takeover offer by US food processing giant Archer Daniels Midland.


     


    GrainCorp says it’s reached a conditional agreement with ADM on the takeover.


     


    ADM has confirmed it’s signed a takeover bid implementation deed with GrainCorp and will begin due diligence on the Australian company.


     


    Should it proceed, ADM will announce the takeover bid to GrainCorp shareholders.


     


    ADM says GrainCorp has advised that its offer would be unanimously recommended by the board, subject to there being no superior proposal, an independent expert confirming that the offer is fair and reasonable, and the regulatory conditions for the acquisition being satisfied or waived by December 31, 2013


     


    Graincorp generated a net profit of $204.9 million for its 2012 fiscal year.

    GNC Price at posting: $12.83 Sentiment: None Disclosure: Held
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