Namoi Cotton's Dutch bidder Louis Dreyfus rejects $89 mln Olam offer
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 03 2024
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Source: Yahoo Finance
- Olam Agri Holdings' Bid: Olam Agri Holdings made a takeover bid of A$0.66 per share for Namoi Cotton, with a potential increase to A$0.70 per share if they acquire 90% of the company.
- Competing Bid: Netherlands-based LDC had previously offered A$0.60 per share bid to acquire the remaining 83% of Namoi Cotton that it does not already control.
- Shareholder Support: Namoi Cotton's largest shareholder, Samuel Terry Asset Management Pty (STAM), has backed both Olam and LDC's takeover offers for the Australian cotton producer.
- Bidding War: Olam and LDC have been engaged in a bidding war to gain control of Namoi Cotton since earlier this year.
- Current Situation: Louis Dreyfus Company (LDC) has stated that it will not accept Olam's A$136.6 million off-market takeover bid for Namoi Cotton.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
