Namoi Cotton's Revised Recommendations Regarding Takeover Offers

Namoi Cotton Limited (ASX:NAM) has released revised recommendations from its independent directors regarding the off-market takeover offers from Olam Agri Australia Pty Ltd (Olam) and Louis Dreyfus Company Melbourne Holdings Pty Ltd (LDC). The independent directors consider the revised Olam Offer, in its current form, to be a superior proposal to the LDC Offer and unanimously recommend that Namoi shareholders accept the Olam Offer and reject the LDC Offer.

Executive Commentary on Revised Recommendations

The Independent Directors of Namoi Cotton Limited have revised their recommendations in light of the increased Revised Olam Offer Price and the support of the revised Olam Offer by major shareholders STAM and Harvest Lane. The Independent Directors unanimously recommend accepting the Olam Offer, subject to the independent expert continuing to conclude that the offer is fair and reasonable. The Independent Directors also note Olam's constructive engagement with the ACCC and the proposed remedies to facilitate regulatory approval.

Summary of Revised Recommendations and Outlook

Namoi Cotton Limited's independent directors have recommended accepting the revised Olam Offer over the LDC Offer, citing the increased Revised Olam Offer Price and the support from major shareholders. The Independent Directors intend to accept the Olam Offer for the shares they hold, subject to the absence of a superior proposal and the independent expert's continued conclusion of the offer's fairness. The Independent Directors also highlighted Olam's efforts to obtain regulatory approval and the proposed remedies. Shareholders are encouraged to stay informed of further developments and to consult the upcoming supplementary target's statements for detailed information. Namoi's financial advisor is Blackpeak Capital, and KWM is acting as the legal advisor. The company aims to keep shareholders and the market informed of any material developments during the offer periods. The outlook includes the release of supplementary target's statements and continued communication with shareholders and the market.