LDC seals Namoi Cotton takeover as rival bid lapses

The news: French agri commodities giant Louis Dreyfus Company (LDC) has sealed its takeover for Australia’s top cotton ginner Namoi Cotton after Olam Agri Holdings rival bid lapsed.

The numbers: LDC, which last week emerged as the top bidder after lifting its offer price to 77 cents a share, has increased its stake in Namoi to 71.96% as a result of shareholders accepted its offer, an ASX filing showed.

The context: Rival bidder Olam said in a separate filing that its 75 cents a share bid has lapsed on 8 October, meaning any Namoi shareholders who had submitted their shares in the offer are again free to deal with them.

Namoi’s independent directors as well as major shareholder Samuel Terry Asset Management have sold their shares to LDC, whose proposed acquisition has received clearance from the Australian Competition and Consumer Commission as well as the Foreign Investment Review Board.