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GRAINCORP REJECTS ADM'S OFFER
Source: ABC.com

GrainCorp says ADM's cash offer of $11.75 a share undervalues the company, which is the largest grain handler on Australia's east coast.

It says it has both the plans and assets to continuing growing returns for shareholders as a standalone company, including ownership of seven of the eight bulk grain ports in eastern Australia.

GrainCorp says it also holds dominant market positions as the world's fourth largest commercial malt producer, a leading 35 per cent share of Australian flour milling, and 40 per cent of the canola and refined edible oil market.

The company says ADM's offer significantly undervalues those assets and future prospects for further expansion in Asia, North Africa and the Middle East.

Analysts say ADM is interested in the company to gain a foothold in Asia.

The announcement came as GrainCorp posted a record full-year profit, up 19 per cent to nearly $205 million.


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