US offer for Graincorp rises to $2.78b
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US food processing giant Archer Daniels Midland Company (ADM) has increased its offer for grains marketer and maltster GrainCorp to $2.78 billion.
The new offer is up from the $2.68 billion Graincorp rejected as too low in November.
"The GrainCorp board will review the revised proposal and will advise the market in due course," the company said in a statement on Tuesday.
ADM has also increased its holding in Graincorp to 19.9 per cent after buying an additional five per cent stake on Monday.
That would mean it would pay about $2.25 billion to buy the rest of Graincorp's shares.
The new offer is for $12.20 per Graincorp share, up from the previous offer of $11.75.
Graincorp shares last traded at $11.94.
The company stores and markets grains, and runs a malt business.
ADM is headquartered in Illinois and is one of the largest agricultural processors in the world.