ADM keeps options open for another GrainCorp bid

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Archer Daniels Midland Co said it could still make another bid for GrainCorp Ltd, after the Australian grain handler rejected two takeover offers from the giant U.S. agribusiness company.

Decatur, Illinois-based ADM, one of the world's largest grain traders, "continues to consider all of its options" with regard to GrainCorp, ADM said in a late Thursday filing with the U.S. Securities and Exchange Commission.

As of Dec. 31, ADM had built up a 19.9% stake in GrainCorp in hopes of completing a takeover.

GrainCorp in December rejected a $2.9 billion offer from ADM as too low, but said it remained open to higher offers and would hold further talks with its U.S. suitor.

ADM at the time said it planned to consider its options.

However, ADM's chief executive officer said in February that there had been "no further conversation" with GrainCorp.

ADM made an initial bid for GrainCorp in October.

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