Overview of Namoi Cotton Limited takeover application

Namoi Cotton Limited (ASX:NAM) has received a takeover application from Louis Dreyfus Company Melbourne Holdings Pty Ltd (LDC) regarding two competing off-market takeover offers from LDC and Olam Agri Australia Pty Ltd (Olam). LDC's offer became unconditional on 4 September 2024, while Olam's offer is conditional on ACCC and FIRB approval, a minimum acceptance condition, and a no prescribed occurrences condition.

Executive Commentary on Takeover Application

LDC has submitted an application to the Panel, expressing concerns about the circumstances surrounding the acquisition of a substantial interest in Namoi Cotton Limited. The company believes that the current situation is preventing an efficient, competitive, and informed market in Namoi shares. LDC seeks interim orders to prevent the blocking stake sale and Olam from acquiring any shares or increasing its voting power in Namoi, other than through the Olam Offer, until the application is determined.

Summary of Takeover Application and Outlook

Namoi Cotton Limited (ASX:NAM) is currently the subject of two competing off-market takeover offers from Louis Dreyfus Company Melbourne Holdings Pty Ltd (LDC) and Olam Agri Australia Pty Ltd (Olam). LDC's offer has become unconditional, while Olam's offer is conditional on various approvals and conditions. The Panel has not appointed a sitting Panel at this stage and has made no decision whether to conduct proceedings. LDC has expressed concerns about the circumstances surrounding the acquisition of a substantial interest in Namoi and seeks interim orders to address these concerns. The outcome of this application will likely have a significant impact on the future ownership and control of Namoi Cotton Limited.