Olam jacks up Namoi Cotton acquisition bid to $0.62 apiece

This applies whether or not at least 90% of Namoi will be obtained.

Olam Agri Holdings Limited has increased its offer price for its off-market takeover of Namoi Cotton Limited to $0.62 (A$0.70) per share.

"The offer price applies regardless of whether or not Olam obtains a relevant interest in at least 90% of Namoi Shares before the end of the offer period," the company said in a statement.

Meanwhile, conditions announced on 2 May remain the same. These are Olam Agri having obtained a relevant interest in at least 50.1% of the Namoi Shares, receipt of regulatory approvals, and no prescribed occurrences occurring in relation to Namoi before the end of the offer period.

ALSO READ: Olam bids $0.59 per share for Namoi Cotton acquisition

Olam Agri said detailed information about the offer will be sent to Namoi within 24 hours.

The company has said that the acquisition will be 100% cash. Rothschild & Co. will serve as the financial adviser, whilst Baker McKenzie will act as the legal adviser in relation to the offer.

A$1=S$0.89

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