Namoi Cotton Limited (ASX:NAM) has lodged a third supplementary target's statement in response to the off-market takeover bid by Olam Agri Australia Pty Ltd. The statement supplements the target's statement dated 31 May 2024, the first supplementary target's statement dated 11 September 2024, and the second supplementary target's statement dated 12 September 2024.
The Independent Directors note that the Revised Olam Offer Price has increased to $0.75 per Namoi Share, representing a premium of 11.94% over the LDC Takeover Offer Price. Recent developments, including notifications from two of Namoi's largest shareholders, have led the Independent Directors to unanimously recommend that Namoi Shareholders accept the Olam Offer. The Independent Directors consider the LDC Takeover Offer, in its current form, to be an inferior proposal to the Olam Offer and recommend that shareholders take no action in relation to the LDC Takeover Offer.
The third supplementary target's statement provides an overview of the Revised Olam Offer, the Independent Directors' recommendation to accept the offer, and the reasons for accepting the offer. It also outlines the process for accepting the Olam Offer and provides additional information on Olam's increased Relevant Interest in Namoi Shares. The statement emphasizes the Independent Directors' recommendation to accept the Revised Olam Offer and advises shareholders to seek independent financial and taxation advice if in doubt about what to do.