Australia's GrainCorp receives $1.8b takeover offer from Long-Term Asset Partners

Photo: Reuters

Australia’s largest listed bulk grain handler GrainCorp Ltd said on Monday it received an unsolicited A$2.38 billion ($1.8 billion) takeover approach from a little-known asset manager, catapulting its shares nearly a third higher.

GrainCorp said privately held Long-Term Asset Partners (LTAP), made an all-cash approach of A$10.42 a share, a near-43 percent premium to the stock’s closing price on Friday. Confirming the approach, LTAP said it was an asset manager for a trust whose beneficiaries were Australian investors.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter