GrainCorp has signed a takeover agreement with grain giant Archer Daniels Midland this week and has opened its books to the acquiring company. The announcement of the $3.4 billion takeover has sent GrainCorp’s stocks to a record high. If the bid proceeds ADM will pay $12.20 per GrainCorp share plus an additional $1 dividend making the offer worth $3.4 billion including GrainCorp’s net debt. The deal is conditional upon there being no superior offer for GrainCorp, an independent expert determining that ADM’s offer is fair and reasonable, and regulatory approval in Australia and China.