Olam Agri Holdings Pte Ltd. made an non-binding indicative and conditional offer to acquire Namoi Cotton Limited (ASX:NAM) from Samuel Terry Absolute Return Group fund managed by Samuel Terry Asset Management Pty Ltd and others for approximately AUD 140 million on March 20, 2024. Buyer agreed to pay AUD 0.59 per share and a permitted special dividend of AUD 0.01 per Namoi Share to be paid to Namoi shareholders on a dividend record date prior to implementation of the Proposed Scheme. Olam Agri Holdings made an off-market takeover offer at AUD 0.66 cash per Namoi Share subject to obtaining a relevant interest in at least 50.1% of the Namoi Shares.

Olam proposes to finance the Proposed Transaction (approximately AUD 122 million) from a combination of existing cash reserves and external debt funding. Transaction is subject to FIRB and ACCC approval. Blackpeak Capital is acting as financial advisor to Namoi.

KWM is acting as legal advisor to Namoi. Baker McKenzie is acting as legal advisor to Olam Agri Holdings Pte Ltd. Rothschild (Singapore) Limited acted as financial advisor to Olam Agri Holdings.