The Australian subsidiary of global agriculture business Olam Agri Holdings Limited has bumped up its off-market takeover offer of Namoi Cotton to $0.70 per share.
This is 3 cents above the offer of $0.67 made by the Melbourne-based subsidiary of international agriculture business Louis Dreyfus Company, following a $0.66 per share offer tabled by Olam, and an initial offer of $0.60 per share by Louis Dreyfus.
The new offer price by Olam applies regardless of whether or not Olam obtains a relevant interest in at least 90 per cent of Namoi Shares before the end of the offer period.
The offer conditions are otherwise the same limited ones as those announced by Olam on May 2, which include Olam having obtained a relevant interest in at least 50.1 per cent of the Namoi Shares, receipt of regulatory approvals from FIRB and ACCC and no prescribed occurrences occurring in relation to Namoi before the end of the offer period.
Olam will lodge a copy of its Bidder’s Statement with ASIC, and will send a copy to Namoi and ASX within 24 hours which will contain detailed information relevant to the offer.
Rothschild & Co is acting as financial adviser and Baker McKenzie is acting as legal adviser to Olam in relation to the offer.