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So much for that idea. On Wednesday after close of trading, a spokesperson for Archer Daniels Midland (NYSE: ADM ) confirmed that the board of directors of Australian grain processor GrainCorp has officially rejected ADM's Dec. 3 offer to acquire the company.
ADM had proposed buying the 80.1% of GrainCorp's shares that it did not already own, for a purchase price of $12.73 per share. ADM had further proposed that current holders of GrainCorp shares would keep for themselves the $0.365-per-share dividend that GrainCorp announced on Nov. 15.
GrainCorp, however, replied Wednesday that "the increase in the proposed price has not changed the Board's view that ADM's proposal materially undervalues GrainCorp," and it so informed ADM.
ADM shares closed down 0.2% at $27.22 Wednesday, before news of GrainCorp's response had been made public.