Namoi Cotton Limited (ASX: $NAM) has released the second supplementary bidder's statement provided by Olam Agri Australia Pty Ltd (Olam Agri) regarding its off-market takeover offer to acquire all of Namoi's ordinary shares. The statement, dated 20 June 2024, supplements the previous bidder's statement and has been lodged with the Australian Securities and Investments Commission and sent to Namoi on the same day.
As set out in Namoi's Target Statement, the Namoi Independent Directors have unanimously recommended that Namoi shareholders accept the Olam Agri Offer, citing the offer price of $0.70 per Namoi share, which is $0.03 above a competing offer. Olam Agri has also extended the closing date of the offer to 16 July 2024 and provided notice of a change in its substantial shareholding. Additionally, the ACCC has published a Statement of Issues outlining preliminary competition concerns with Olam Agri's proposed acquisition of Namoi, with a final decision anticipated on 22 August 2024. Olam Agri remains committed to the belief that the combination of Namoi and Olam Agri will bring new opportunities for both businesses and Australian cotton growers.
Namoi Cotton Limited has issued the second supplementary bidder's statement from Olam Agri, reaffirming the unanimous recommendation of Namoi Independent Directors for shareholders to accept the offer. Olam Agri has extended the offer closing date to 16 July 2024 and addressed a change in its substantial shareholding. The ACCC's preliminary competition concerns have been acknowledged, with a final decision expected on 22 August 2024. Despite this, Olam Agri remains optimistic about the potential benefits of the acquisition for both Namoi and Olam Agri, emphasizing the unlocking of new opportunities and growth for Australian cotton growers. Shareholders are advised to consider seeking independent financial and taxation advice before deciding on the offer.