- a 39.6 percent premium to the last closing price of GrainCorp shares of A$8.74 on October 18
- a 38.8 percent premium to the one-month, volume-weighted average GrainCorp share price of A$8.79 up to October 18
- a 35.7 percent premium to the six-month, volume-weighted average GrainCorp share price of A$8.99 up to October 18
- a 45.9 percent premium to the twelve-month, volume-weighted average GrainCorp share price of A$8.36 up to October 18
Archer Daniels Midland Company has
delivered to GrainCorp Limited a revised non-binding proposal, with the aim
of arriving at an agreement with GrainCorp’s board of directors under which they
would recommend to GrainCorp shareholders an acquisition by ADM of all of
GrainCorp for A$12.20 a share in cash, according to reports.
ADM’s proposed price represents a material increase of A$0.80 from the
initial proposal of A$11.75 made on October 19, after allowing for recent
dividends totaling A$0.35. “We consider that our revised non-binding proposal
reflects the value of GrainCorp’s business, taking into account GrainCorp’s 2012
results, its new initiatives announced on November 15 and its recently announced
ordinary and special dividends totaling A$0.35," said ADM Chairman and CEO
Patricia Woertz. "Our proposal also offers more certainty, greater value and
immediate realization of potential future value for GrainCorp shareholders than
GrainCorp’s stand-alone plan. ADM is a disciplined buyer, and any combination
with GrainCorp must meet our key financial hurdles, taking into consideration
the impact of the Australian agricultural cycle on GrainCorp’s earnings
power.”The revised non-binding proposal represents:
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