Dive Summary:

• Archer Daniels Midland Company signed a takeover bid implementation deed with GrainCorp Limited, agreeing to make a cash offer of $3.5 billion and beginning due diligence.
• As part of the deal, shareholders will receive a cash payment of $12.20 per share, as well as a dividend of $1 per share.
• If the offer proceeds, it is expected to be unanimously recommended to shareholders by the GrainCorp board.

From the article:

... “We are pleased to have reached agreement with GrainCorp to conduct due diligence and, subject to that due diligence, put a recommended offer before GrainCorp’s shareholders," ADM Chairman and CEO Patricia Woertz said. “We anticipate that the offer will be cash accretive in the first full year and will meet our key financial objectives." ...