Dec 3 (Reuters) - Australia's GrainCorp Ltd GNC.AX received a buyout proposal from asset manager Long-Term Asset Partners Pty (LTAP) in an all-cash deal for A$2.38 billion ($1.76 billion), the company said in a statement on Monday.
GrainCorp's board said it would engage with LTAP with regard to an ongoing portfolio review of the company and also assess merits of the proposal.
($1 = 1.3548 Australian dollars)