Graincorp has received a takeover offer worth $A2.7 billion from Archer Daniel Midlands, an agribusiness based in the United Staters.
The Australian grains and malt business confirmed on Monday it had received a non-binding acquisition proposal from ADM, after the company increased its stake in the business to 14.9% on Friday.
AAP reports ADM is prepared to pay $A11.75 in cash for each share, valuing Graincorp at $A2.68 billion.
"The GrainCorp board is reviewing the proposal and has not yet formed a view on its merits and will keep the market informed of any material developments," Graincorp said in a statement.
According to its website, Archer Daniel Midlands is one of the largest agricultural companies in the world. Its headquarters is at Decatur, Illinois, in the United States.
ADM has 30,000 employees and more than 270 processing plants.
In May, GrainCorp reported a net profit of $A133.7 million for the six months to 31 March, up 52.5% on the previous corresponding period figure of $A87.7 million.
AAP reports the company said in May that it expected to make a full year net profit of between $A185 - $A205 million.
Shares in GrainCorp climbed $A3.66, or 41.36%, to $A12.41 at 11.02am AEST on Monday, after coming out of a trading halt when the shares were at $A8.85. AAP reports prices briefly touched $A12.69.