UPDATE 1-Singapore's Olam Agri to make $89 mln off-market bid for Australia's Namoi Cotton
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 01 2024
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Source: Yahoo Finance
- Olam Agri Holdings' Bid for Namoi Cotton: Olam Agri Holdings plans to make an off-market bid for Australia's Namoi Cotton for A$136.6 million, contingent on acquiring at least a 50.1% stake in the target firm.
- Competing Offers: Olam's new bid follows a previous cash offer by Louis Dreyfus Company (LDC) to acquire the remaining 83% of issued shares in Namoi.
- Offer Details: Olam's bid is set at A$0.66 per share, higher than Dreyfus' rival offer of A$0.60 per share.
- Potential Increase in Offer: Olam intends to raise its offer to A$0.70 per share if it secures a 90% stake in Namoi before the offer period concludes.
- Bid Structure: The off-market bid by Olam differs from its initial non-binding indicative offer, aiming to provide simplicity and certainty for Namoi shareholders.
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.
