Archer Daniels Midland has insisted its takeover bid for GrainCorp is “attractive” after the Australian agribusiness insisted it under-valued the company.

GrainCorp chief executive Alison Watkins said it valued the business more than ADM, which tabled a A$2.7bn offer last month.

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“We’ve looked at the underlying earnings for GrainCorp, the growth initiatives we are confident of delivering, and formed a view on fundamental value which is materially different from the ADM proposal,” Watkins was quoted as saying by The Financial Times yesterday (14 November).

In a statement, ADM backed its bid. “We note GrainCorp’s response today to our proposal. On October 19, we approached GrainCorp’s board with a proposal that represented a significant premium to the prevailing GrainCorp share price at the time of our approach. We believe it remains an attractive proposal

GrainCorp yesterday reported a 19% increase in annual net earnings. EBITDA grew 18%.

It also set a target of increasing EBITDA by A$110m in the next four years.

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