Olam Agri's Increased Offer Price and Notice of Variation of Offer

Olam Agri Australia Pty Ltd (ACN 677 122 468) has issued the Fifth Supplementary Bidder's Statement on 13 September 2024, announcing an increase in the offer price to $0.75 cash per Namoi Share. This move reflects Olam Agri's confidence in the value and potential of Namoi Cotton Limited (Namoi) and its commitment to the acquisition.

Executive Commentary on Offer Price Increase and ACCC Engagement

Ashok Hegde, CEO, Fibre, Agri-Industrials & Ag Services of Olam Agri, expressed, 'We are pleased to increase our bid from AUD 0.70 to AUD 0.75 for the acquisition of Namoi. We present a distinctly superior offer price for Namoi compared to LDC, demonstrating our steadfast belief in its value and potential. I am confident that combining our two highly complementary businesses will unlock opportunities for both businesses, Australian cotton growers and the broader industry. We urge Namoi's board and shareholders to recognize the superior value of our offer.' Ashish Govil, Managing Director, Queensland Cotton and Country Head for Olam Agri Australia, stated, 'While the ACCC approval process has taken longer than anticipated, we remain confident and are committed to working through the process to win approval, including proposing remedies aimed at satisfying the ACCC's concerns.'

Summary of Olam Agri's Bidder's Statement and Outlook

Olam Agri Australia Pty Ltd has increased the offer price to $0.75 cash per Namoi Share, emphasizing the superior value of its offer compared to the previous bid by Louis Dreyfus Company Melbourne Holdings Pty Ltd. The company encourages Namoi shareholders to recognize the enhanced value and highlights the potential opportunities for both businesses and the Australian cotton industry. Additionally, Olam Agri remains confident in the positive decision from the ACCC regarding its proposed acquisition of Namoi, demonstrating its commitment to working through the approval process and proposing remedies to address the ACCC's concerns.