Australian food ingredients and agribusiness company GrainCorp Ltd announced that it received an unsolicited A$2.38 billion ($1.8 billion) takeover offer pitching its shares nearly a third higher.

GrainCorp got the offer from Long-Term Asset Partners (LTAP), an Australian asset management firm.

The company noted that LTAP made an all-cash offer of $7.70 a share, a near 43 percent premium to the stock’s closing price on Friday.

Shares in GrainCorp jumped 27 percent to $9.25.