Namoi Cotton (NAM AU): Well Played LDC

EXECUTIVE SUMMARY

• A$0.77/Share. That's Louis Dreyfus Company (LDC)'s revised unconditional bid. Plus it now holds 47.66% after Samuel Terry Asset Management, Namoi's largest shareholder, tendered into the revised term.

• Expect Namoi Cotton Co Operative (NAM AU)'s board to shortly back LDC's Offer. LDC's Offer is $0.02/share above Olam Agri's conditional bid.

• After LDC first approached Namoi in November last year, this is now done. Expect Olam to tender its stake, and fold its tent.