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ADM Lodges Recommended Offer Documents For GrainCorp

ADM Australia Holdings II Pty Limited, a wholly owned subsidiary of Archer Daniels Midland Company (NYSE: ADM), today lodged with the Australian Securities and Investments Commission its Bidder’s Statement for an all-cash, off-market takeover offer for GrainCorp Limited (“GrainCorp”). The GrainCorp Board has unanimously recommended shareholders accept the offer, in the absence of a superior offer.

“We believe our offer is highly attractive and in the best interests of shareholders,” said ADM Chairman and CEO Patricia Woertz. “The Independent Expert has assessed the proposal and concluded that it is fair and reasonable, in the absence of a superior proposal.”

“We also believe ADM’s offer will deliver compelling benefits to Australian growers and the agricultural economy through access to new markets, investment in agricultural infrastructure, and its focus on serving the needs of Australian growers,” Woertz added.

Offer detail

The all-cash Offer Price of A$12.20 by ADM, together with illustrative Permitted Dividends of A$1.00 a GrainCorp Share by GrainCorp, represents:
  • A 49 percent premium to the last closing price of GrainCorp Shares of A$8.85 on Oct. 18, 2012 – the date of the last undisturbed share price before ADM first approached GrainCorp;
  • A 48 percent premium to the one-month, volume-weighted average GrainCorp Share price of A$8.90 up to Oct. 18, 2012; and
  • A 44 percent premium to the three-month, volume-weighted average GrainCorp Share price of A$9.14 up to Oct. 18, 2012.

A partner for Australian grain growers and communities

“Agriculture is an increasingly global business, and Australia is well positioned to take advantage of growing global markets in places like Asia and the Middle East,” Woertz said. “Our objective is to help Australia meet that challenge, by giving growers more choice, greater access to global markets, more efficient and effective logistics and a deeper knowledge of market dynamics and best practices.”

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