ADM GrainCorp bid may flush out more offers

US agriculture giant Archer Daniels Midland has bid US$2.8 billion for GrainCorp , sending shares in Australia’s last independent grains handler soaring, as markets bet on a higher offer price or rival bids being flushed out.

ADM’s bid comes at a time of consolidation in the global grains sector amid intense competition for grains trading power to feed fast-developing countries seeking food security.

via Business feed http://www.scmp.com/business/companies/article/1067075/adm-graincorp-bid-may-flush-out-more-offers