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Australia/US: GrainCorp buyout by US co not definite, warns advisor

 |  June 24, 2013

Australia-based advisor group Grant Samuel has warned that the buyout of agribusiness GrainCorp by US-based Midland is not a done deal and that, while unlikely, a rival buyout bid could top Midland’s offer. According to reports, GrainCorp agreed to a deal with Midland for about $2.75 billion and, while GrainCorp cannot pursue other bids, it can mull a new offer if approached with one. According to Grant Samuel, there is sufficient time for a competing bid to emerge, though it is unlikely one would occur. The buyout was first agreed upon last April.

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