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GrainCorp (GRCLF.PK) rejects Archer Daniels Midland's (ADM) $2.8B acquisition offer, saying that...

GrainCorp (GRCLF.PK) rejects Archer Daniels Midland's (ADM) $2.8B acquisition offer, saying that the bid "undervalues" the Australian grains handler but that it will consider new proposals. Reuters reports that GrainCorp wants 15%-20% more than what ADM has offered. GrainCorp's hand was strengthened by FY net profit rising 19% to a record A$205M ($214M), but analysts see profit falling in the next two years. (PR)
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