Dreyfus Tops Olam With Sweetened Bid for Australia’s Namoi (1)

Agricultural commodities trader Louis Dreyfus Co. has sweetened its offer for Namoi Cotton Ltd. with a takeover bid that, excluding an announced dividend, values the Australian processor at A$123 million ($81 million), topping a rival proposal from a unit of Olam Group last month.

LDC, which holds a 17% stake in Namoi, had in January announced an agreed deal to buy the shares it didn’t already own for A$0.50 per share in cash, adjusted for a dividend of 1 Australian cent per share to be paid after the takeover. That offer, however, was bested by Olam Agri Holdings Ltd., ...