Overview of Olam's intention for off-market takeover offer

Namoi Cotton Limited (ASX: $NAM) has acknowledged Olam Agri Holdings Limited's intention to make an off-market takeover offer for all of Namoi's issued shares. The proposed offer entails a total cash consideration of $0.66 per Namoi share, with the potential to increase to $0.70 per share if Olam secures a relevant interest in at least 90% of Namoi shares before the offer period concludes. The offer is subject to specific conditions, including a 50.1% minimum acceptance condition and regulatory approvals from the ACCC and FIRB.

Executive commentary on the proposed takeover offer

The Independent Directors will assess the proposed Takeover Offer and provide a recommendation to Namoi shareholders in the near future. Namoi shareholders are advised not to take any immediate action. The company will continue to keep shareholders and the market informed of significant developments associated with the proposed takeover offers from both Olam and LDC.

Summary of Olam's proposed takeover offer for Namoi Cotton Limited

Olam Agri Holdings Limited has expressed its intention to make an off-market takeover offer for all of Namoi Cotton Limited's issued shares. The proposed offer includes a cash consideration of $0.66 per Namoi share, with the potential to increase to $0.70 per share if certain conditions are met. Namoi's Independent Directors will evaluate the offer and provide a recommendation to shareholders in due course. Shareholders are advised not to take immediate action. Namoi will continue to keep stakeholders informed of material developments related to the proposed takeover offers from Olam and LDC.