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Olam Int raises its bid for Queensland Cotton

May '07
Queensland Cotton Holdings Limited (Queensland Cotton) refers to the announcement made by Olam International Limited (Olam) that it has substantially increased its takeover offer for Queensland Cotton. A copy of the Olam announcement is attached.

Olam Offer
Olam is amending its offer as follows:
• The offer price is being increased from $4.75 to $5.65;
• All conditions of the offer are to be waived, such that shareholders who accept the Olam offer will be paid within 5 days; and
• Olam will increase its offer price to $5.90 if it obtains a relevant interest in 75.1% (not 90% as originally required) of Queensland Cotton shares. All accepting shareholders will participate in that higher price if it becomes payable.

Director's Recommendation:
The Board of Queensland Cotton unanimously recommends that shareholders ACCEPT the increased Olam offer in the absence of a superior proposal. The directors of Queensland Cotton will immediately accept the increased Olam offer in respect of shares which they own in their own right or which they personally control.

The Chairman of Queensland Cotton, Mr John Reynolds, said that the increased Olam offer was superior to the takeover offer by Louis Dreyfus Commodities BV announced on 22 May 2007.

“We are very pleased that Olam has increased its takeover offer to $5.65 per share and waived all offer conditions

“This represents an outstanding outcome for shareholders which is substantially above the valuation range of the independent expert of $4.65 to $5.13 per share, and which is 34 cents (or 6.4%) above the takeover offer by Louis Dreyfus announced last Tuesday.

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