Australia’s Graincorp knocks back ADM bid, reports record profit

Australian grains handler GrainCorp knocked back an A$2.68 billion (US$2.8 billion) takeover offer from Archer Daniel Midland Co on Thursday, saying the bid undervalued it as it reported a record annual net profit thanks to a bumper harvest.

Graincorp, which sources say is pressing for an offer up to 15 to 20 per cent higher from ADM, used the 19 percent boost in profits to highlight its earnings power.

via Business feed http://www.scmp.com/business/companies/article/1082922/australias-graincorp-knocks-back-adm-bid-reports-record-profit