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Suitors for Australia's largest wheat exporter CBH withdraw offer

Published 19/09/2016, 05:02 pm
© Reuters.  Suitors for Australia's largest wheat exporter CBH withdraw offer
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SYDNEY, Sept 19 (Reuters) - The consortium interested in acquiring and immediately listing Australia's largest grain exporter Cooperative Bulk Handling Ltd (CBH) has withdrawn its offer, GrainCorp Ltd GNC.AX - one of the financial backers of the deal - said on Monday.

CBH in March rejected the offer from the consortium known as Australian Grains Champion in a deal valued by analysts at up to A$3 billion ($2.26 billion), after concluding it was not in the best interests of its 4,200 farmer members. rejecting the offer, CBH said it would conduct a review of its structure, offering shareholders a choice of whether to change its cooperative structure.

($1 = 1.3270 Australian dollars)

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