News Summary: Archer Daniels bids for GrainCorp
THE BID: Australian grain handler GrainCorp says U.S. agribusiness conglomerate Archer Daniels Midland Co. has offered to buy the company for about 11.75 Australian dollars a share, or about $2.77 billion.
TALKS: GrainCorp says it is considering the non-binding offer. Shares of GrainCorp rose 39 percent in Australia Monday to close at 12.30 Australian dollars, suggesting traders expect a higher bid.
A STAKE: On Friday ADM said it had bought a 10-percent stake in GrainCorp as part of an effort to buy the company. That gave it a 14.9-percent share of the company when added to its existing shares.