Overview of Namoi Cotton's response to takeover bid

Namoi Cotton Limited (ASX:NAM) has lodged the fourth supplementary target's statement in response to the off-market takeover bid by Olam Agri Australia Pty Ltd. The statement, issued under section 644 of the Corporations Act 2001, supplements the previous target's statements and provides additional information for Namoi shareholders.

Independent directors' recommendation and recent developments

The independent directors of Namoi unanimously recommend that shareholders reject the Olam Offer and take no action in relation to all documents sent by Olam. Recent developments, including the increase in the LDC Takeover Offer Price and Olam's decision not to extend its offer, have led to the reconsideration of the recommendation.

Outlook and shareholder guidance

The fourth supplementary target's statement outlines the reasons for rejecting the Olam Offer, citing the undervaluation of Namoi shares in comparison to the Revised LDC Offer Price, the Olam Offer's remaining material conditions, and the unconditional nature of the LDC Takeover Offer. Shareholders are advised to seek independent financial and taxation advice and can contact the Namoi Shareholder Information Line for further guidance. With the Olam Offer expected to lapse, shareholders who have accepted it are provided with instructions on how to withdraw their acceptance and consider the LDC Takeover Offer.