DECATUR, Ill.--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) spokesperson Jackie Anderson
today issued the following statement:
“We note GrainCorp’s response today to our revised proposal. On Dec. 3,
we approached GrainCorp’s board of directors with a revised proposal of
A$12.20 a share in cash. That proposal represented a material increase
over our initial proposal of A$11.75 a share. Also, when combined with
the dividend of A$0.35 per share announced on Nov. 15, our revised
proposal represented a total value to GrainCorp shareholders of A$12.55
a share.
“The revised proposal represented a substantial premium to the
prevailing GrainCorp share price at the time of our first approach. We
believe that our revised proposal properly values GrainCorp’s business,
taking into account GrainCorp’s 2012 results and its new initiatives
announced on Nov. 15. Our proposal offered more certainty, greater value
and immediate realization of potential future value for GrainCorp
shareholders than GrainCorp’s stand-alone plan.
“We intend to consider all our options with respect to GrainCorp and our
19.9 percent shareholding.”
Forward-Looking Information
This press release includes forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995, that
are subject to risks, uncertainties and other factors, including,
without limitation, with respect to any potential acquisition by ADM of
all or any portion of GrainCorp. There can be no certainty that any
discussions will result in a transaction or the entry into a definitive
agreement. These risks, uncertainties and other factors could cause
actual results to differ materially from those referred to in the
forward-looking statements. The reader is cautioned not to rely on these
forward-looking statements. Other risks are described in detail in the
ADM Annual Report on Form 10-K for the fiscal year ended June 30, 2012,
as filed with the U.S. Securities and Exchange Commission. All
forward-looking statements are based on information currently available
to ADM, and ADM assumes no obligation to update any such forward-looking
statements.
About ADM
For more than a century, the people of Archer Daniels Midland Company
(NYSE: ADM) have transformed crops into products that serve vital needs.
Today, 30,000 ADM employees around the globe convert oilseeds, corn,
wheat and cocoa into products for food, animal feed, industrial and
energy uses. With more than 270 processing plants, 420 crop procurement
facilities, and the world’s premier crop transportation network, ADM
helps connect the harvest to the home in more than 160 countries. For
more information about ADM and its products, visit www.adm.com.
Archer Daniels Midland Company
Media Relations
Jackie Anderson, 217-424-5413
media@adm.com
or
Investor Relations
Ruth Ann Wisener, 217-451-8286