Namoi Cotton Ltd (AU:NAM) has released an update.
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In a recent turn of events, Louis Dreyfus Company Melbourne Holdings Pty Ltd (LDC) has withdrawn its application to the Panel regarding Namoi Cotton Limited, following a series of strategic movements in share ownership and offer prices. LDC upped its takeover bid to $0.77 per share, after which Olam and Samuel Terry Asset Management agreed to terminate their share sale arrangement and Olam decided not to extend its own takeover offer. The Takeovers Panel, led by Rory Moriarty, will release its reasons for consenting to the withdrawal at a later time.
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