Namoi Cotton Limited (ASX:NAM) directors sell shares into LDC's takeover offer

Namoi Cotton Limited (ASX:NAM) has announced that the Independent Directors have unanimously recommended that Namoi shareholders accept the off-market takeover offer from Louis Dreyfus Company Melbourne Holdings Pty Ltd (LDC) to acquire all of the Namoi shares on issue for $0.77 cash per share. The LDC Offer is scheduled to close on Wednesday 9 October 2024.

Executive Chairman and Independent Directors' Decision

Namoi's Executive Chairman, Tim Watson, has sold all his Namoi Shares into the LDC Offer, and each of the Independent Directors who holds Namoi Shares have also sold their shares into the LDC Offer. The decision to recommend accepting the LDC Offer was made unanimously by the Independent Directors, subject to the absence of a superior proposal and the Independent Expert continuing to conclude that the LDC Offer is fair and reasonable.

Summary of Announcement and Outlook

Namoi Cotton Limited (ASX:NAM) has announced that the Independent Directors have unanimously recommended that Namoi shareholders accept the off-market takeover offer from Louis Dreyfus Company Melbourne Holdings Pty Ltd (LDC) to acquire all of the Namoi shares on issue for $0.77 cash per share. The LDC Offer is scheduled to close on Wednesday 9 October 2024. The Executive Chairman and Independent Directors have sold their Namoi Shares into the LDC Offer. Shareholders are advised to consider this recommendation and the terms of the LDC Offer carefully. The company will lodge an Appendix 3Y (Change of Director's Interest Notice) with ASX for the directors who have sold their shares into the LDC Offer. Shareholders should stay informed about further developments regarding the LDC Offer and the company's future plans.