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.

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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