Graincorp stocks soar after foreign takeover bid
STOCKS in Australian grain marketer Graincorp soared nearly 40% on Monday after a takeover bid was revealed from US giant Archer Daniels Midland.
The grain export company had been in a trading halt after ADM revealed it took over 14.9% of the Australian company through derivative equity deals earlier this month.
On Monday morning, Graincorp announced to the market it had received an official bid from ADM, sending traders into a rush buy on the company stock.
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