Louis Dreyfus Company tops Olam Agri's bid for Namoi Cotton
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The news: Louis Dreyfus Company (LDC) has increased its takeover offer for Queensland cotton operator Namoi Cotton, after rejecting an improved bid by rival suitor Olam Agri last week.
The numbers: French agri commodities group LDC, which is Namoi's second-largest shareholder with a 16.99% stake, has lifted its acquisition offer from 60 cents to 67 cents cash per Namoi share.
The latest offer tops last week's bid by Singapore-based agribusiness Olam of 66 cents per Namoi share, which was backed by Namoi's largest shareholder Samuel Terry Asset Management, but rejected by LDC.
The context: Olam, majority owned by SGX-listed Olam Group, has a presence in Australia through its wholly owned subsidiary Queensland Cotton, which it acquired in 2007. While, LDC operates a joint venture with Namoi.
The sources: ASX announcement, ASX announcement
