Big GrainCorp crop received, page-19

Extract of article appearing in AFR - they wonder if GrainCorp might now take another look at RIC?

"It's exactly nine years since GrainCorp made an all-scrip bid for animal feed company, Ridley Corporation, valuing it $1.39 a share or $592 million including debt.

The bid failed to win the hearts of Ridley's board of directors and major shareholders, GrainCorp wouldn't up its offer and the deal was dead inside 3½ months.

GrainCorp has had a lot of corporate activity on its plate ever since, buying and selling assets, raising fresh equity and even stitching the infamous $3 billion deal with Archer Daniels Midland that never came about.

For a few years there was plenty of noise. But with ADM now gone, GrainCorp has some clear air, a clean balance sheet, strong scrip and the backing of some big shareholders including Perpetual Investments, Ellerston Capital and Yarra Capital Management, to properly consider its options.

So we wonder whether Ridley Corp could pop up as an option. "


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