GrainCorp Rejects Revised Archer Daniels Bid LONDON - GrainCorp of Australia rejected a $2.9 billion revised takeover offer from the Archer Daniels Midland Company on Thursday, saying the bid undervalued the company. The next move for Archer Daniels is unclear. A.D.M. noted the company's statement, adding that the takeover still offered greater certainty for GrainCorp's shareholders. Earlier this month, A.D.M. increased its offer in an effort to entice the board of GrainCorp. Under the terms of the new proposal, A.D.M. said it would pay 12.20 Australian dollars ($12.86) a share, 80 Australian cents higher than its previous bid. The new price was 39.6 percent above GrainCorp's closing price on Oct. 18, the last trading day before A.D.M.'s first offer became public. But it was not enough. "The increase in the proposed price has not changed the board's view that A.D.M.'s proposal materially undervalues GrainCorp," the company said in a statement. The offer for GrainCorp, the largest Australian agricultural company, is part of A.D.M.'s expansion into the global agricultural process and oilseeds sectors. A.D.M., an American agriculture giant with operations in more than 75 countries, has already raised its holding in GrainCorp to 19.9 percent, which is the maximum level allowed by Australian regulators. "We intend to consider all our options with respect to GrainCorp and our 19.9 percent shareholding," A.D.M. said in a statement.