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GrainCorp Receives Conditional Proposal from ADM

23 October 2012

AUSTRALIA - GrainCorp has received a conditional proposal from US agricultural processors, Archer Daniels Midland Company (ADM).

GrainCorp has received an indicative, non-binding proposal from ADM stating it is prepared to make an offer to acquire the outstanding shares in GrainCorp at a price of $11.75 per share in cash, subject to a number of conditions including due diligence, exclusivity and approval by the ADM board.

GrainCorp has been advised by ADM that it has acquired a 14.9 per cent economic interest through equity derivative contracts.

The GrainCorp board is reviewing the proposal and has not yet formed a view on its merits and will keep the market informed of any material developments.

GrainCorp has a unique portfolio of integrated, strategic assets and is confident in its outlook and strategy to continue to deliver shareholder value.

GrainCorp has appointed Credit Suisse and Greenhill as financial advisers and Gilbert+Tobin as legal advisers.

TheCropSite News Desk



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