Archer Daniels Midland Company (NYSE: ADM) spokesperson Jackie Anderson today issued the following statement:
“We note GrainCorp’s response today to our revised proposal. On Dec. 3, we approached GrainCorp’s board of directors with a revised proposal of A$12.20 a share in cash. That proposal represented a material increase over our initial proposal of A$11.75 a share. Also, when combined with the dividend of A$0.35 per share announced on Nov. 15, our revised proposal represented a total value to GrainCorp shareholders of A$12.55 a share.
“The revised proposal represented a substantial premium to the prevailing GrainCorp share price at the time of our first approach. We believe that our revised proposal properly values GrainCorp’s business, taking into account GrainCorp’s 2012 results and its new initiatives announced on Nov. 15. Our proposal offered more certainty, greater value and immediate realization of potential future value for GrainCorp shareholders than GrainCorp’s stand-alone plan.
“We intend to consider all our options with respect to GrainCorp and our 19.9 percent shareholding.”Forward-Looking Information This press release includes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks, uncertainties and other factors, including, without limitation, with respect to any potential acquisition by ADM of all or any portion of GrainCorp. There can be no certainty that any discussions will result in a transaction or the entry into a definitive agreement. These risks, uncertainties and other factors could cause actual results to differ materially from those referred to in the forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Other risks are described in detail in the ADM Annual Report on Form 10-K for the fiscal year ended June 30, 2012, as filed with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information currently available to ADM, and ADM assumes no obligation to update any such forward-looking statements.