- Talk that a takeover of GrainCorp (GRCLF) is still a possibility has lifted the share price of the Australian grain handler, as broker Bell Potter believes the stock will continue to incorporate a takeover premium in its price even though the company itself is "overvalued."
- Archer Daniels Midland's (ADM) A$2.8B bid for GrainCorp last year was rejected by the Australian government in November, saying a takeover would go against the national interest, but Bell Potter says GrainCorp is pricing in a 50% chance that ADM will return with a bid.
- Not everyone is so optimistic; J.P. Morgan believes a deal is unlikely due to the political cost of allowing a foreign takeover, as well as the reduced strategic value of GrainCorp’s assets.
From other sites
at CNBC.com (Jun 5, 2014)
at CNBC.com (May 15, 2014)
at CNBC.com (Dec 16, 2013)
at CNBC.com (Dec 6, 2013)
at CNBC.com (Dec 2, 2013)
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