King & Wood Mallesons (KWM) is pleased to have acted for longstanding agribusiness client Namoi Cotton Limited (Namoi), which was recently the target of two competing takeover bids.
Namoi initially entered into a scheme implementation agreement with its long-term joint venture partner, Louis Dreyfus Company Asia Pte Ltd (LDC) in January 2024, before receiving an unsolicited competing proposal from Olam Agri Holdings Limited (Olam) just prior to the first court hearing for the scheme.
The scheme ultimately gave way to competing takeover bids for Namoi by each of LDC and Olam. After a series of price increases and extensions, an intensive ACCC clearance process and Takeovers Panel proceedings, LDC ultimately took control of Namoi and is now moving through the compulsory acquisition process.
The KWM team advising on the transaction was led by partners Rhys Casey and Jason Watts and special counsel Matt McKeown, with support from solicitors Sacha Kemp, Piper Guthrie and Camille Seymour. Competition law advice in relation to both takeover offers was provided by partner Simon Cooke and special counsel Jessica Waters.
Commenting on the transaction, Matt McKeown said:
“We are delighted to have assisted Namoi on this significant and complex takeover battle. The dynamics of this transaction highlight the current buoyancy of the sector.”
