Australia's largest-listed grain handler, GrainCorp Ltd, said that suitor L...
SYDNEY - Australia’s largest-listed grain handler, GrainCorp Ltd, said that suitor Long-Term Asset Partners has withdrawn its A$2.4 billion takeover bid after due diligence, pushing shares to five-month lows.
The little-known asset manager had made an offer of A$10.42 per share in December 2018, as drought wilted crops across Australia’s east coast and limited GrainCorp’s ability to earn revenue from international grain trading. “LTAP’s withdrawal raises concerns about the due diligence process and GNC’s outlook,” she wrote in a note to clients.
GrainCorp is in the process of splitting the company into two businesses, with plans to spin off and list its global malting unit and restructuring its grain business.
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