Australia's Namoi Cotton's 8-month rally set to end as takeover battle nears end

Namoi Cotton

31/05/2024 06:12

** Shares of Namoi Cotton  NAM.AX  down 1.4% at A$0.69 vs
A$0.70/shr buyout offer from Olam Agri
    ** Co asks shareholders to accept agribusiness Olam Agri's
 IPO-OLAA.SI  takeover offer worth ~A$145 mln ($97 mln) overall
    ** NAM stock up 5.3% in May, set for eight straight month of
gains amid takeover battle between Olam Agri and Louis Dreyfus
    ** Louis Dreyfus made its first offer in Nov, while Olam
launched its bid in March and increased it in early May
    ** In mid May, Australia's competition regulator raised
concerns on Louis Dreyfus' proposed acquisition
 
 ($1 = 1.5083 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))