Suitor Quits $1.7B Bid for GrainCorp

Australia’s largest-listed grain handler, GrainCorp Ltd., said that suitor Long-Term Asset Partners (LTAP) has withdrawn its $1.7 billion takeover bid after due diligence, pushing shares to five-month lows.

According to a report fromReuters, GrainCorp stock dropped 11% at the open of trade on Tuesday to hit close to where it stood preceding the bid, before recouping some of those losses.

GrainCorp is in the process of splitting the company into two businesses, with plans to spin off and list its global malting unit and restructuring its grain business.