ADM Recommends Rejection of Below-Market-Price Mini-Tender Offer by TRC Capital Corporation
Archer Daniels Midland Company (NYSE: ADM) has been notified of an
unsolicited 'mini tender offer? made by TRC Capital Corporation (TRC) to
ADM shareholders to purchase up to 3,000,000 shares of ADM common stock
at a price of $24.60 per share. TRC′s offer price represents a discount
of $1.22 per share, or 4.73 percent, below ADM′s closing price of $25.82
on June 30, 2010, the day prior to the date of the offer. The shares
sought by TRC represent approximately .47 percent of ADM′s total
outstanding shares of common stock.
ADM recommends that shareholders not tender their shares because the
offer price is below ADM′s current share price, and urges shareholders
to obtain current market quotations for their shares of ADM common
stock, consult with their financial advisor and exercise caution with
respect to TRC′s offer.
The Securities and Exchange Commission (SEC) has issued an investor
alert regarding mini-tender offers, noting that in making the offers at
below-market prices 'bidders are hoping that they will catch investors
off-guard if the investors do not compare the offer price to the current
market price.? The SEC′s investor alert can be found on the SEC Web site
at http://www.sec.gov/investor/pubs/minitend.htm.
According to the SEC, mini-tender offers are for less than 5 percent of
a company′s stock and typically do not provide the same investor
protections required of larger tender offers, including the filing of
disclosure and other tender offer documents with the SEC and other
procedures mandated by U.S. securities laws.
ADM does not endorse this unsolicited mini-tender offer, and ADM is not
associated in any way with TRC, the mini-tender offer or the offer
documentation. ADM shareholders who already have tendered their shares
are advised that they may withdraw their shares by providing the written
notice described in the TRC offering documents prior to the expiration
of the offer, currently scheduled for 12:01 a.m. Eastern time on July
30, 2010.
About ADM
Every day, the 28,000 people of Archer Daniels Midland Company (NYSE:
ADM) turn crops into renewable products that meet the demands of a
growing world. At more than 230 processing plants, we convert corn,
oilseeds, wheat and cocoa into products for food, animal feed, chemical
and energy uses. We operate the world′s premier crop origination and
transportation network, connecting crops and markets in more than 60
countries. Our global headquarters is in Decatur, Illinois, and our net
sales for the fiscal year ended June 30, 2009, were $69 billion. For
more information about our Company and our products, visit www.adm.com.
Archer Daniels Midland Company
ADM Media Relations,
217-424-5413
media@adm.com
