After securing only half of the shareholder support it needs to move forward on the takeover of GrainCorp Ltd. Archer Daniels Midland (ADM) has extended the deadline of the $3.4 billion offer by more than two months. The offer to shareholders was intended to close on August 31st, but has now been extended to November 16th. ADM has received approval for the takeover from regulators in the U.S., EU, Japan, South Africa, Canada and South Korea. The Australian Competition & Consumer Commission has stated that it will not oppose the bid, however approval is still required from Australia’s Foreign Investment Review Board and has sparked opposition in the Australian senate.
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