Australia's Namoi Cotton hovers near 25-year high as bidding war heats up

Namoi Cotton

08/05/2024 02:23

** Shares of Namoi Cotton  NAM.AX  rise as much as 5.5% to
A$0.77, their highest level since late 1999
    ** NAM marks its third straight session of gains 
    ** Olam Agri  IPO-OLAA.SI  sweetens its takeover offer to
A$0.70 per share, valuing NAM at A$144.9 mln ($95.29 mln)
    ** Olam Agri's latest offer is above rival suitor Louis
Dreyfus' A$0.67 per share bid - valuing NAM at A$138.6 mln
    ** Louis Dreyfus already controls around 17% stake in NAM,
and is vying for the full control
    ** NAM up 52.1% this year as of last close


($1 = 1.5207 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))