Namoi Cotton Ltd (AU:NAM) has released an update.
Namoi Cotton Ltd’s independent directors have unanimously advised shareholders to accept LDC’s takeover offer of $0.77 per share, a move that outvalues the competing bid from Olam at $0.75 per share. This recommendation is based on the offer price’s alignment with the top end of independent valuation range and the immediate, unconditional cash benefit to shareholders. LDC, now holding a controlling interest of 60.5% in Namoi, poses a risk of shareholders becoming a minority if the offer is not accepted.
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