By Amanda Brodhagen, Farms.com
Archer Daniels Midland Co. (ADM) announced Monday that it is increasing its buyout offer by 4 percent for the Australian grain handler, GrainCorp Ltd. ADM made its initial acquisition bid in October of this year. The raised offer would have ADM pay $2.33 billion to buy the rest of the company - ADM already owns 19.9 percent of GrainCorp. The revised offer is now offering GrainCorp stockholders 12.20 Australian dollars, which equates to $12.73 CDN per share. ADM has previously offered 11.75 Austrian dollars which works out to be $12.13 CDN per share. The offer that’s on the table is subject to GrainCorp providing ADM access to its books and a recommendation from GrainCorp’s board.