Namoi Cotton Ltd (AU:NAM) has released an update.
Namoi Cotton Limited is caught in a takeover tussle as Louis Dreyfus Company (LDC) and Olam Agri Australia present competing offers, with LDC challenging the fairness of Olam’s higher bid and its acquisition of a ‘blocking stake’. Shareholders are faced with a decision between LDC’s unconditional offer of $0.67 per share and Olam’s conditional offer of $0.75 per share, which is subject to regulatory approvals. The situation has escalated to the Panel, which will consider LDC’s application alleging unfair practices by Olam in the acquisition process.
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