Graincorp Limited
(ASX:GNC) has rejected a takeover offer valued at $2.7 billion from American agricultural company Archer Daniels Midland.
Graincorp believes the US offer materially undervalues the company.
The storage and grain handling company is confident that its oulook and strategy will deliver continued value to shareholders, underpinned by strong export demand in 2013.
CEO Alison Watkins says production forecasts average about 18.3 million tonnes for the company’s Eastern Australia harvest.
Graincorp generated a net profit of $133.7 million in fiscal 2012.
