Louis Dreyfus Company Melbourne Holdings Pty Ltd (LDC) has announced its intention to make an off-market takeover offer to acquire all of the fully paid ordinary shares in Namoi Cotton Limited (ASX: $NAM) at $0.60 cash per share. The offer price, which is exclusive of the $0.01 per share dividend declared by Namoi on 17 April 2024, represents a significant premium to Namoi's historical market prices.
We are pleased to announce our cash offer for the remaining Namoi shares - a strategic move that underscores our conviction in the potential of Australian agriculture. This decision is aligned with our commitment to expanding LDC's presence and service offering in the country, where the Group has been active for over 110 years, with growing merchandizing and processing operations in cotton, grains, and oilseeds.
Louis Dreyfus Company Melbourne Holdings Pty Ltd (LDC) has proposed an all cash takeover offer to acquire all remaining Namoi Cotton Limited (ASX: $NAM) shares at $0.60 per share, representing a significant premium to Namoi's historical market prices. The offer is subject to limited conditions, including regulatory approvals from the ACCC and FIRB, and a minimum acceptance condition that the LDC Group increases its relevant interest in Namoi to 50.1%. The Independent Namoi directors intend to recommend that Namoi shareholders accept the offer, subject to the absence of a superior proposal and an independent expert concluding that the potential transaction is fair and reasonable to Namoi shareholders. LDC will lodge a copy of its Bidder's Statement with ASIC in due course, containing detailed information relevant to the offer. The LDC Group's active involvement in Australian agriculture for over 110 years, and its commitment to expanding its presence and service offering in the country, underlines its long-term strategic outlook and ambitions in the Australian agricultural sector.