SYDNEY, April 26 (Reuters) - Shares in Australia's GrainCorp Ltd rose 8 percent to a record high on Friday after the company agreed to a sweetened offer from U.S.-based agricultural giant Archer Daniels Midland Co.
Under the latest offer, the third since ADM's initial approach in October 2012, GrainCorp shareholders will receive A$12.20 ($12.58) per share, with a further A$1 per share to be paid in dividends.
In December, GrainCorp rejected ADM's A$12.20 per share bid, saying it materially undervalued Australia's last major independent grains handler.
GrainCorp shares jumped as high as A$12.85 and last traded up 7.9 percent at A$12.81. The stock has traded as low as A$8.38 in the past year.
($1 = 0.9697 Australian dollars)
(Reporting by Lincoln Feast; Editing by Paul Tait) Keywords: GRAINCORP ADM/SHARES
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