Graincorp Limited
(ASX:GNC) has rejected a sweetened takeover offer of $2.78 billion from US food processing giant Archer Daniels Midland (ADM).
The grain handler claims the offer undervalues the company. ADM increased its offer to $12.20 a share in November which was slightly above the $11.75 per share previously offered.
ADM currently holds just over 19 per cent of the company. A 20 per cent stake will trigger an automatic full takeover bid.
Graincorp says it maintains a positive outlook and strategy.
Graincorp generated a net profit of $133.7 million in its 2012 financial year.
