Namoi Cotton Ltd (AU:NAM) has released an update.
Namoi Cotton Limited has received an increased off-market takeover offer from Louis Dreyfus Company, now proposing $0.67 per share, up from their previous $0.60 bid, for the approximately 83% of Namoi shares they don’t own. This competes against Olam Agri Holdings Limited’s offer, which includes a cash consideration of $0.66 per share, potentially rising to $0.70 if Olam secures 90% ownership. Namoi shareholders have been advised to await further recommendations from the Independent Directors while regulatory approvals are pending.
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