Namoi Cotton Ltd (AU:NAM) has released an update.
Namoi Cotton Limited has issued a target’s statement in response to Olam Agri Australia Pty Ltd’s cash offer to acquire all Namoi shares at $0.70 each, recommending shareholders to accept the offer barring a superior proposal. The statement, including an Independent Expert’s Supplementary Disclosure, is now available to shareholders electronically or via post, with copies available upon request. Independent Directors, except Sarah Scales who is abstaining due to a competing offer, endorse the acceptance of Olam’s bid subject to the Independent Expert’s fair and reasonable assessment.
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