December 18, 2018 / 10:52 PM / 10 months ago

Australia's GrainCorp provides suitor LTAP due diligence for better offer

Dec 19 (Reuters) - Australia’s GrainCorp Ltd on Wednesday said it was providing suitor Long-Term Asset Partners Pty (LTAP) due diligence to put forward a more certain proposal.

The country’s largest listed bulk grain handler earlier this month received a buyout proposal from asset manager LTAP in an all-cash deal for A$2.38 billion ($1.76 billion) or $10.42 per share.

“LTAP proposal at this stage is not sufficiently certain or in a form which would allow the Board to make a recommendation to shareholders,” said GrainCorp Chairman Graham Bradley in a letter to the shareholders of the company.

GrainCorp also sought additional information from LTAP on its longer-term financing plan and intentions. (Reporting by Aby Jose Koilparambil in Bengaluru Editing by Phil Berlowitz)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below