Overview of Namoi Cotton's announcement regarding Olam's takeover proposal

Namoi Cotton Limited (ASX: $NAM) has received support from Samuel Terry Asset Management Pty Ltd (STAM) for Olam Agri Holdings Limited's off-market takeover offer. Olam has proposed to acquire all fully paid ordinary shares in Namoi at $0.66 cash per share, with a potential increased offer price of $0.70 per share if it obtains a relevant interest in at least 90% of the Namoi shares before the end of the offer period. The offer is subject to certain conditions, including obtaining a relevant interest in at least 50.1% of the Namoi shares and regulatory approvals from FIRB and ACCC.

STAM's support and intentions regarding Olam's takeover offer

STAM, as Namoi's largest shareholder with a 24.2% voting power, has expressed support for Olam's takeover offer. STAM considers the offer to be superior to the proposed takeover offer announced by another entity and encourages Namoi's board to engage with Olam in relation to the offer. STAM intends to accept the offer in respect of all the Namoi shares it holds, subject to certain conditions and the independent expert's conclusion that the offer is fair, reasonable, and in the best interests of Namoi's shareholders.

Summary of Namoi Cotton's response to Olam's takeover proposal

Namoi Cotton Limited has received support from its largest shareholder, STAM, for Olam Agri Holdings Limited's off-market takeover offer. STAM has encouraged Namoi's board to engage with Olam regarding the offer, which includes a proposed increased offer price of $0.70 per share. The offer is subject to various conditions, and STAM intends to accept the offer for all the Namoi shares it holds, provided certain criteria are met. Namoi will continue to keep shareholders and the market informed of developments in accordance with its continuous disclosure obligations.