Archer Daniels, GrainCorp sign takeover bid implementation deed

theflyonthewall.com

Archer Daniels Midland (ADM) announced that it has signed a takeover bid implementation deed with GrainCorp Limited and begun due diligence on GrainCorp. The agreement permits ADM to undertake due diligence on GrainCorp for a seven-day period. Subject to the satisfactory completion of this due diligence, ADM has agreed to make a cash offer, which would be unanimously recommended by the GrainCorp board, to acquire the company for A$12.20 per share. Under the terms of the bid implementation deed, GrainCorp will pay to its shareholders dividends out of current and retained earnings of the business prior to the transaction close. The transaction is expected to be cash accretive in the first full year.

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