SYDNEY, Australia (Reuters) — Australia’s largest wheat exporter, Co-operative Bulk Handling Ltd., rejected a buyout proposal last week but said it would review its structure and had received other expressions of interest.
Australian Grains Champion, a consortium backed by GrainCorp Ltd., had put together a deal valued at A$3 billion for CBH and planned to immediately list the co-op on the stock exchange.
“This unsolicited bid would see Western Australian grain growers lose control of CBH’s strategic supply chain and GrainCorp acquire a strategic stake in CBH at a discount rather than a premium,” CBH chair Willy Newman said.
