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Little-known asset manager makes $1.8 billion bid for Australia's GrainCorp

Reuters  |  SYDNEY 

By Colin PackhamSYDNEY (Reuters) - Australia's largest listed bulk grain handler GrainCorp Ltd said on Monday it received an unsolicited A$2.38 billion ($1.8 billion) takeover approach from a little-known asset manager, catapulting its shares nearly a third higher.GrainCorp said privately held Long-Term Asset Partners (LTAP) made an all-cash approach of A$10.42 a share, a near-43 percent premium to the stock's closing price on Friday. Confirming the approach, LTAP said it was an asset manager for a trust whose beneficiaries were Australian investors. Shares in GrainCorp recorded their biggest ...

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First Published: Mon, December 03 2018. 12:56 IST