Takeover target Graincorp says it has not been distracted by the attention of US food processing giant Archer Daniels Midland (ADM).
ADM has recently lodged two takeover offers for Graincorp, both of which have been rejected by Graincorp.
ADM first offered $2.7 million in October, and lifted its offer to $2.78 billion earlier in December after Graincorp said the first offer was too low.
But Graincorp has also rejected the improved offer.
Chairman Don Taylor told shareholders at the company's annual general meeting on Thursday that both offers undervalued the company.
But further negotiations have not been ruled out.
"I want to emphasise that the board has been totally focused on shareholder interests at all times," Mr Taylor said.
"The board remains focused on maximising value for shareholders and will be constructive in any dealings in relation to proposals that may have the potential to maximise shareholder value."
The company remains focused on new initiatives outlined in November to increase earnings and shareholder value, he said.
