US-based suitor Archer Daniels Midland (ADM) has completed the due diligence process for its proposed $3 billion-plus takeover of Australian grains marketer GrainCorp.

ADM was now “required to make a takeover offer in accordance with the terms of the implementation deed,” GrainCorp said in a statement on Thursday.

GrainCorp had said on April 26 that it had reached conditional agreement with ADM on the proposed takeover.

Under the deal’s terms, GrainCorp shareholders will receive $13.20 per share, comprising a cash payment of $12.20 per share and dividends totalling $1.00 per share.

Key conditions include 50.1 per cent minimum acceptance by shareholders and regulatory approval, including from Australia’s Foreign Investment Review Board and the Ministry of Commerce of the Government of the Peoples Republic of China.

Each GrainCorp director has indicated that they would recommend the ADM offer as long as it was in the best interests of shareholders and there was no superior proposal.

The terms also include that an independent expert determines the ADM offer to be fair and reasonable.

GrainCorp will provide shareholders with further information, including an independent expert’s report, in the bidder’s and target’s statements, which is expected to be dispatched in June.

GrainCorp said on April 26 that it had reached conditional agreement with ADM on the proposed takeover.

Shares in GrainCorp were two cents higher at $12.83 at 1248 AEST on Thursday.