Namoi Cotton Limited (ASX:NAM) has released its third supplementary target's statement, recommending shareholders to accept the off-market takeover offer from Louis Dreyfus Company Melbourne Holdings Pty Ltd (LDC) and reject the offer from Olam Agri Australia Pty Ltd. The LDC offer values Namoi at a substantial premium and falls within the top end of the Independent Expert's valuation range.
Your Independent Directors unanimously recommend that you ACCEPT the LDC Offer and REJECT the Olam Offer. The LDC Offer price of $0.77 per Namoi share values Namoi at a substantial premium to Undisturbed Historic Market Prices and at a premium in comparison to the price under the Olam Offer. The LDC Offer is unconditional and provides certain cash consideration for your Namoi shares. If you do not accept the LDC Offer, there is a risk that you may become a minority shareholder in Namoi, as LDC now holds a controlling interest in Namoi.
Namoi Cotton Limited (ASX:NAM) has recommended accepting the LDC Offer and rejecting the Olam Offer. The LDC Offer price of $0.77 per Namoi share values Namoi at a substantial premium and falls within the top end of the Independent Expert's valuation range. Shareholders are advised to carefully consider the recommendations and the reasons provided by the Independent Directors. The LDC Offer closes at 7.00pm (AEDT) on Wednesday 9 October 2024. Namoi will continue to keep shareholders and the market informed of material developments associated with the LDC Offer and Olam Offer on the ASX website and Namoi's web page.