Olam Agri tops Louis Dreyfus with sweetened $95 mln bid for Namoi Cotton (updated)

Namoi Cotton

08/05/2024 24:48

(Updates with further details on the deal, background)
       May 8 (Reuters) - Singapore's Olam Agri  IPO-OLAA.SI 
said on Wednesday it intends to raise its off-market takeover
offer for Namoi Cotton  NAM.AX  to A$144.9 million ($95.49
million), a day after rival bidder Louis Dreyfus valued the
Australian firm at A$138.6 million.
    Olam Agri raised its offer price to A$0.70 per share from
its prior offer of A$0.66 apiece, above commodity merchant Louis
Dreyfus' latest sweetened bid of A$0.67 per share.
    Olam Agri said its revised offer was applicable regardless
of it obtaining at least 90% stake in Namoi, which was the
condition in its offer made last week.
    Dutch global commodity merchant Louis Dreyfus already owns
around 17% of Namoi Cotton and is vying for full control in
Australia's largest cotton producer. 
    However, interest from Olam Agri has sparked a bidding war
between the two firms since January this year.
    Both Louis Dreyfus and Namoi Cotton did not immediately
respond to Reuters' requests for comment on Olam Agri's revised
offer.
    ($1 = 1.5175 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru; Editing by Shailesh
Kuber and Subhranshu Sahu)
 ((Roshan.Thomas@thomsonreuters.com;))