Australia's Namoi Cotton asks shareholders to accept Louis Dreyfus' takeover offer (updated)

Namoi Cotton

11/09/2024 24:29

(Adds details, background from paragraph 2 onwards)
       Sept 11 (Reuters) - Australia's Namoi Cotton  NAM.AX  on
Wednesday recommended shareholders to vote for the A$138 million
($91.81 million) takeover offer from Dutch crop trader Louis
Dreyfus Company (LDC) and reject a higher bid from Olam Agri
 IPO-OLAA.SI .
   The Queensland-based company said LDC making its offer
unconditional was one of the reasons for its recommendation. The
A$144 million offer from the affiliate of Singapore's Olam Group
 OLAG.SI  remains subject to multiple conditions.
    The two contenders have been engaged in an international
bidding war to take control of the Australian cotton ginning
firm, which would help them expand their footprint in the
country.
    LDC's offer has received the greenlight from Australia's
Foreign Investment Review Board as well as the local competition
regulator.
    In May, Namoi had recommended Olam Agri's buyout bid as it
was higher than LDC's offer.
    Olam Agri did not immediately respond to a Reuters request
for comment.

($1 = 1.5031 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru; Editing by
Krishna Chandra Eluri)
 ((Aaditya.GovindRao@thomsonreuters.com;))