UPDATE 1-Olam Agri tops Louis Dreyfus with sweetened $95 mln bid for Namoi Cotton
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 07 2024
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Source: Yahoo Finance
- Olam Agri's Revised Offer: Olam Agri plans to increase its off-market takeover bid for Namoi Cotton to A$144.9 million, surpassing Louis Dreyfus' offer of A$138.6 million.
- New Offer Price: The revised offer from Olam Agri is set at A$0.70 per share, up from the previous A$0.66 per share, while Louis Dreyfus had offered A$0.67 per share.
- Bid Conditions: Olam Agri's updated offer is not contingent on acquiring a 90% stake in Namoi Cotton, unlike its previous proposal.
- Competing Interests: Louis Dreyfus, which already holds 17% of Namoi Cotton, aims to gain full control, leading to a bidding war with Olam Agri that started in January.
- No Immediate Responses: Neither Louis Dreyfus nor Namoi Cotton has responded immediately to Reuters regarding Olam Agri's latest offer.
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.
