Back in 2019 we saw Long-Term Asset Partners (LTAP) $3.3bn bid for GrainCorp fail after stalling at the due diligence stage for a frustrating 5 months. Ironically since the failed bid GNC has spun off United Malt (UMG) which itself has now received a bid from a major European suitor. GNC can be a volatile stock given its exposure to commodity markets and at the moment this is clearly weighing on the agribusiness
- We believe that a bid for GNC is now unlikely.
MM is neutral to bullish GNC seeing value returning under $7
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