AWB could be the subject of a bidding war as international rivals consider moves to stymie GrainCorp's shock $856 million bid for the former monopoly wheat exporter.
Analysts say that AWB is now "in play" after it agreed last week to be consumed by GrainCorp rather than selling part of its business to US-based Gavilon.
GrainCorp's all share bid for AWB will create Australia's largest diversified agricultural company.
But offshore groups seeking to bolster their exposure to the Australian wheat market are now monitoring AWB closely, with Canadian grains giant Viterra viewed as the most likely counter-bidder, The Australian Financial Review reports.
Analysts note the offer contains only a modest premium of 10 per cent to the prevailing share price but warn the share price will come under pressure if AWB fails to consummate the GrainCorp deal and no other bids are forthcoming.
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