Namoi Cotton's Support for Olam's Takeover Proposal

Namoi Cotton Limited (ASX:NAM) has received a revised conditional off-market takeover proposal from Olam Agri Holdings Limited ('Olam') at $0.75 cash per Namoi Share. This proposal represents a $0.05 per Namoi Share increase in consideration to its previous offer. Samuel Terry Asset Management Pty Ltd (STAM), holding a 25% shareholding interest in Namoi, has expressed support for the Revised Olam Offer, considering it superior to the previous offer by Louis Dreyfus Company Melbourne Holdings Pty Ltd (LDC).

STAM's Position on the Takeover Offers

STAM, as Namoi's largest shareholder, has confirmed its intention to accept the Revised Olam Offer in respect of all the Namoi Shares that it holds, subject to the independent expert appointed by Namoi concluding that the offer is fair and reasonable. STAM encourages the Namoi Board to engage with Olam in relation to the Revised Olam Offer, emphasizing its support for the proposal based on the information contained in the announcement to the ASX.

Implications of STAM's Support and Outlook

STAM's support for the Revised Olam Offer indicates a significant development in the ongoing takeover situation. With STAM holding a 25% shareholding interest in Namoi, its endorsement of the Olam proposal carries substantial weight. The encouragement for the Namoi Board to engage with Olam suggests a potential shift in the company's direction regarding the takeover. This development could lead to further negotiations and potential changes in the board's recommendation to shareholders. Shareholders and the market will be closely monitoring the unfolding events as the situation progresses.