Olam Agri will not extend Namoi Cotton takeover offer

It will close on 8 October.

Olam Agri's Australia unit has decided not to extend its takeover offer for Namoi Cotton past its 8 October closure date.

On 13 September, Olam Agri raised its offer from A$0.70 to A$0.75 per share to acquire Namoi Cotton.

The offer was 12% higher than Louis Dreyfus Company’s (LDC) offer of A$0.67. LDC, however, raised its offer to A$0.77.

"The proposed acquisition led to a robust and competitive process for Namoi Cotton, allowing the company to realise a full and fair valuation for the benefit of all shareholders," Ashish Govil, managing director of Queensland Cotton and country head for Olam Agri Australia, said.

"We thank the Namoi Cotton board, shareholders and all stakeholders who have been supportive of Olam Agri throughout this period," Govil added.

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