Doubts rise over valuation of GrainCorp bid

Original article by Brad Thompson
The Australian Financial Review – Page: 17 : 20-Dec-18

GrainCorp has advised shareholders that the board is not yet in a position to make a recommendation on whether to accept the $3.3bn takeover bid from Long-Term Asset Partners. The suitor has been given permission to undertake due diligence, but GrainCorp chairman Graham Bradley says the agribusiness will seek more information from LTAP regarding its long-term intentions and its financing arrangements. LTAP contends that its offer is superior to a 2013 bid by Archer Daniels Midland, which was backed by GrainCorp’s board but subsequently blocked by the federal government.

CORPORATES
GRAINCORP LIMITED – ASX GNC, LONG-TERM ASSET PARTNERS PTY LTD, ARCHER DANIELS MIDLAND COMPANY, GOLDMAN SACHS AUSTRALIA PTY LTD, WESTBOURNE CAPITAL PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, ALLIANZ AG HOLDING

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