Namoi Cotton Ltd (AU:NAM) has released an update.
Namoi Cotton Ltd advises shareholders to reject the buyout offer from Louis Dreyfus Company (LDC), as the $0.67 per share bid falls short of a competing $0.70 offer from Olam Agri Australia. The decision is supported by an Independent Expert’s assessment and the unanimous recommendation of Namoi’s Independent Directors. Namoi shareholders have been instructed to take no action regarding the LDC bid and to await further guidance on the Olam offer.
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