Elders rejects Ruralco bid Elders has shunned a takeover bid for its rural services division by rival Ruralco. Loss-making Elders, which has put both its Futuris Automotive and Elders Rural Services (ERS) operations up for sale, on Tuesday said bids on both had been reviewed over the weekend. "In relation to Futuris, Elders has entered into a short period of exclusive negotiations with one of the three parties that made final binding offers," Elders said in a statement. Elders expects that shortly after the conclusion of this period of exclusivity, it will enter into a binding sale contract for the sale of the business. All proceeds from any sale will be used to repay debt. However, the company also said Ruralco's bid for its rural services was too low. "In relation to ERS, the Elders board has determined that the offer made is inadequate with respect to value, execution risk and other considerations," the company said. As a result, the Elders board has determined to reject it. Elders said it had the support of its banking syndicate to consider alternative strategies for ERS, including restructuring and refinancing alternatives. Meanwhile, Elders has requested its trading halt be lifted from the opening of ASX trade on Tuesday.