French commodities giant Louis Dreyfus has confirmed it intends to make a 60¢ a share bid for Namoi Cotton, after Street Talk reported it has beefed up it advisory lineup.
French commodities giant Louis Dreyfus has confirmed it intends to make a 60¢ a share bid for Namoi Cotton, after Street Talk reported it hasLDC’s new bid, announced on Monday morning, is a 20 per cent premium to its 50¢ a share bid from April 17 and has secured the backing of Namoi’s largest shareholder Samuel Terry Asset Management. The takeover will have a 50.1 per cent minimum acceptance condition and will be subject to FIRB and ACCC approvals.
The French giant, advised by UBS and Arnold Bloch Leibler, is now ahead of Singaporean rival Olam which made a 59¢ to 58¢ dual-track bid for the cotton processor in March. Namoi is working with Blackpeak Capital and King & Wood Mallesons. Olam has retained Rothschild and Baker McKenzie. Samuel Terry Asset Management, which owns 22.37 per cent of Namoi, is advised by Allens.
The takeover interest comes after Namoi Cotton announced a Blackpeak Capital-led strategic review in June 2023 to “assess options to maximise value for shareholders”. Family owned Louis Dreyfus is one of the world’s four biggest food commodities traders with operations across Europe, Asia, South America and the United States. Singapore-based Olam already owns Queensland Cotton.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.is a co-editor of the Street Talk column.
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