Archer Daniels Midland Company (ADM) has revised its offer to Australia's GrainCorp Limited GNC), from the previous AUD11.75 (US$12.30) to AUD12.20 (US$12.8) per share in cash.
 

Including the dividend of AUD0.35 (US$0.37) per share that GrainCorp shareholders would keep as announced on November 15, the bid would value the company at US$2.9 billion.
 

ADM's revised non-binding proposal is subject to GrainCorp granting ADM access to conduct confirmatory due diligence, completion of that due diligence satisfactory to the ADM Board, and a recommendation from the GrainCorp Board, which ADM is ready to begin immediately. Any agreement to acquire GrainCorp shares would also be subject to limited conditions.
 

"We consider that our revised non-binding proposal reflects the value of GrainCorp's business, taking into account GrainCorp's 2012 results, its new initiatives announced on Nov. 15, and its recently announced ordinary and special dividends totalling A$0.35 (US$0.37)." said ADM Chairman and CEO Patricia Woertz.
 

After the acquisition of an additional 5% of GrainCorp shares on December 3, ADM has now accumulated a 19.9% stake in GrainCorp.
 

GrainCorp has a unique portfolio of integrated, strategic assets and is confident in its outlook and strategy to continue to deliver shareholder value.