Dec 3 (Reuters) - Graincorp Ltd GNC.AX :
* HAS RECEIVED A NON-BINDING, INDICATIVE PROPOSAL FROM LONG-TERM ASSET PARTNERS PTY LTD
* PROPOSAL INVOLVES AN ACQUISITION, VIA SCHEME OF ARRANGEMENT, OF 100% OF SHARES IN GRAINCORP FOR CASH CONSIDERATION OF $10.42 PER SHARE
* CO'S BOARD HAS DETERMINED WILL ENGAGE WITH LTAP IN CONTEXT OF ONGOING PORTFOLIO REVIEW TO ASSESS MERITS OF LTAP PROPOSAL
* BOARD NOTES PROPOSAL INVOLVES SIGNIFICANT LEVERAGE OF $3.2 BILLION ACQUISITION FACILITIES FROM GOLDMAN SACHS,$400 MILLION FROM WESTBOURNE CAPITAL