Archer Daniels Midland Co. (ADM) Wednesday said it intends to make a cash offer to acquire GrainCorp Ltd. for A$12.20 per share. The offer indicates a transaction value of about A$3.4 billion. The company said it has completed due diligence.
"We believe the offer delivers strong value for both companies' shareholders," said ADM Chairman and CEO Patricia Woertz. "The acquisition fits well with our growth strategy and will meet our return objectives."
As part of the deal, GrainCorp will pay its shareholders dividends of A$1.00 per share before completing the deal.
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