Singapore Olam extends offer for Queensland Cotton to June 15, claims break fee |
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Published
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Wed, 23 May 2007 06:27
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SINGAPORE (XFN-ASIA) - Olam International Ltd said its subsidiary, Olam Australia Pty Ltd, has extended its takeover offer periodQueensland Cotton Holdings Ltd to June 15.Olam said it is currently monitoring developments on it proposed acquisition after Louis Dreyfus Commodities BV of France made a 149.8 mln aud bid for Queensland Cotton to rival its own 134 mlnaud bid.Louis Dreyfus said its offer of 5.31 aud a share, made through subsidiary LD Commodities Australia Ltd, has been unanimously recommended by the board of Queensland Cotton, provided a superior bid will not emerge.Olam's offer made in March was 4.75 aud a share, and it included the promise of a higher offer of 5.05 aud per share if it achieves 90 pct acceptance, which was then recommended by Queensland Cotton's board in the absence of a higher offer.As Queensland Cotton's directors have changed their recommendations on Olam's offer, the firm can now claim a 1.34 mln aud break fee from Queensland Cotton as per the takeover bid implementation agreement, Olam said.Olam said it hopes to receive the payment within five business days.(1 usd = 1.53 sgd; 1.22 aud)yuinmunn.szetoh@xfn.comyms/mas
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France's Louis Dreyfus set to make counter offer for Queensland Cotton - report 