Archer Daniels Midland has increased its takeover for Australian rival GrainCorp, which has so far rejected the US agribusiness giant’s interest.

ADM has tabled an offer worth A$12.50 a share, up from the A$11.75 GrainCorp turned down last month.

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The US group said it would also allow GrainCorp shareholders to keep a dividend worth A$0.35.

“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 November 15, and its recently announced ordinary and special dividends totalling A$0.35. Our proposal also offers more certainty, greater value and immediate realisation of potential future value for GrainCorp shareholders than GrainCorp’s stand-alone plan,” chairman and CEO Patricia Woertz said.

Last month, after rejecting ADM’s A$2.7bn (US$2.8bn) bid, GrainCorp set out plans to increase EBITDA by A$110m over the next four years and issued a plan for a special dividend. 

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