Namoi Cotton's ASX announcement on Olam and LDC takeover offers

Namoi Cotton Limited (ASX:NAM) has released a third supplementary target's statement, recommending shareholders to accept Olam Agri Australia Pty Ltd's takeover offer and reject Louis Dreyfus Company Melbourne Holdings Pty Ltd's offer. The Olam Offer values Namoi at a substantial premium and has support from two of Namoi's largest shareholders. The Olam Offer closes on Tuesday 8 October 2024.

Executive commentary on Olam and LDC takeover offers

The reasons for the recommendation that Namoi shareholders accept the Olam Offer are the substantial premium valuation, support from major shareholders, and proposed remedies to obtain regulatory approval. Each Independent Director who holds Namoi shares intends to accept the Olam Offer. Namoi will continue to keep shareholders informed of material developments associated with the offers.

Summary of Namoi Cotton's recommendation and outlook

Namoi Cotton Limited recommends accepting Olam's takeover offer due to the substantial premium valuation and support from major shareholders. The company advises rejecting Louis Dreyfus Company Melbourne Holdings Pty Ltd's offer. Shareholders are urged to follow the instructions provided to accept the Olam Offer, which closes on Tuesday 8 October 2024. Namoi will continue to keep shareholders informed of material developments associated with the offers.