GrainCorp Hopes for Higher ADM Bid, Continental’s Bakken Purchase: Merger and Acquisitions Update

| + More Articles
  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn

Perhaps in hopes that Archer Daniels Midland Co. (NYSE:ADM) might once again up its offer for the Australian grains handler GrainCorp (GRCLF.PK), defending its turning down a raised $2.9 billion takeover offer by the former, but says that it is open to higher offers and also would hold new discussions with its potential American suitor. Indeed, analysts still think that ADM will lift its bid for an acquisition that would permit it a doorway to supply rapidly-growing Asia nations wanting food security, but they also say that a significant hike is not terribly likely.

On Thursday, Gulfport Energy Corporation (NASDAQ:GPOR) said that it will purchase additional working interests in the Utica Shale after reporting on Monday that it would buy roughly 30,000 net acres in Eastern Ohio for around $302 million. That agreement has now been modified to provide for Gulfport’s acquisition of about 7,000 additional net acres for approximately $70 million, making for a total purchase price of around $372 million.

Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>

Continental Resources (NYSE:CLR) finalizes its purchase of 119,218 net acres in the Bakken field, mostly in Williams and Divide counties in North Dakota, from Samson Resources Company at a cash price of $649.3 million. The acquisition includes the output of about 6,500 barrels of oil equivalent per day which is comprised of 82 percent crude oil.

Dendreon Corporation (NASDAQ:DNDN) divests its immunotherapy manufacturing facility in Morris Plains, New Jersey to Novartis Pharmaceuticals Corporation in a cash transaction of $43 million. Chairman, President and Chief Executive John H. Johnson said that the agreement represents a positive outcome for Dendreon, shareholders and New Jersey.

Don’t Miss: Will Oracle Get a Boost From Eloqua Acquisition?

More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business