UPDATE 1-Australia's Namoi Cotton asks investors to accept Olam Agri's $96 mln bid
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 30 2024
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Source: Yahoo Finance
- Namoi Cotton Acquisition: Namoi Cotton has requested its shareholders to consider accepting Olam Agri's A$144.9 million takeover bid.
- Bidding War: Olam Agri and Louis Dreyfus Company are competing in an international bidding war to acquire Namoi Cotton, aiming to expand their presence in Australia.
- Olam's Offer: Olam's offer of A$0.70 per share is considered a premium to LDC's bid and provides cash certainty, according to an independent expert.
- Shareholder Responses: Louis Dreyfus Company, holding an 18.02% stake, refuses to accept Olam's offer, while Namoi's largest shareholder, Samuel Terry Asset Management with a 25% stake, plans to accept the offer.
- Current Situation: The acquisition deal is valued at $96.08 million, with various stakeholders expressing different intentions regarding the offers on the table.
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.
