Namoi Cotton Limited lodges second supplementary target's statement

Namoi Cotton Limited (ASX:NAM) has lodged the second supplementary target's statement in response to the off-market takeover bid by Louis Dreyfus Company Melbourne Holdings Pty Ltd (LDC). The statement, issued under section 644 of the Corporations Act 2001 (Cth), supplements the target's statement dated 22 May 2024 and the first supplementary target's statement dated 11 September 2024.

Executive commentary on LDC takeover offer

The Independent Directors of Namoi unanimously recommend that Namoi Shareholders REJECT the LDC Offer and TAKE NO ACTION in relation to all documents sent by LDC. This recommendation is based on recent developments, including the increased Olam Takeover Offer Price, support from two of Namoi's largest shareholders for the revised Olam Takeover Offer, and Olam's increased Relevant Interest in Namoi Shares. The Independent Directors consider the LDC Offer, in its current form, to be an inferior proposal to the revised Olam Takeover Offer.

Summary of second supplementary target's statement

The second supplementary target's statement issued by Namoi Cotton Limited provides shareholders with a recommendation to reject the LDC Offer and take no action in response to documents sent by LDC. The statement outlines reasons for rejecting the offer, including undervaluation of Namoi Shares in comparison to the revised Olam Offer Price, potential inability to participate in the revised Olam Takeover Offer, and lack of support from two of Namoi's largest shareholders. Shareholders are advised to consult with their professional advisers and are informed about the process to reject the LDC Offer. The statement also includes additional information on LDC's Relevant Interest in Namoi Shares, recent ASX announcements, consents, and authorisation details.