Minnesota Corn Processors (MCP) has revealed that it is engaged in preliminary discussions with agribusiness giant Archer Daniels Midland (ADM) regarding its potential buyout by ADM.

MCP, a corn wet-miller with refineries in Marshall and Columbus, produces corn sweeteners and starch products for sale into the beverage and food industries. The company’s board of directors has engaged the investment banking firms Morgan Lewis Githens & Ahn and ING Capital as financial advisors to assist MCP in any potential transaction.

If these discussions result in a definitive agreement, the closing of the transaction would be subject to a number of conditions, including satisfactory completion of due diligence, and the approval by MCP’s Board of Directors, shareholders and appropriate regulatory agencies.