April 25, 2013 - Archer Daniels Midland Company (NYSE: ADM) announced today that it has signed a takeover bid implementation deed with GrainCorp Limited (ASX: GNC). Cravath, Swaine & Moore LLP is representing Archer Daniels Midland Company in connection with this transaction. Subject to the satisfactory completion of due diligence, ADM has agreed to make a cash offer, which would be unanimously recommended by the GrainCorp board, to acquire the shares of GrainCorp it does not already own for A$12.20 per share, representing an enterprise value of A$3.4 billion. Under the terms of the bid implementation deed, GrainCorp will pay to its shareholders dividends out of current and retained earnings of the business prior to the transaction close. Archer Daniels Midland acquired approximately 19.8% of the shares of GrainCorp through two stake-builds in 2012.
The Cravath team included partners Richard Hall and Andrew R. Thompson and associates Christopher D. Barnstable-Brown and Rachel E. Green (M&A); partner Stephen L. Gordon and associates Andrew Carlon and Brian Kozlowski (tax); partner Eric W. Hilfers and practice area attorney Michael Krasnovsky (executive compensation and benefits); and practice area attorney Robin C. Landis (antitrust).
Here is a link to the company's press release: http://www.businesswire.com/news/home/20130425006909/en/ADM-GrainCorp-Sign-Takeover-Bid-Implementation-Deed