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Takeover offer for Queensland Cotton Holdings

Jun '07
Olam International Limited's wholly owned subsidiary Olam Australia Pty Limited (Olam) increased its offer for all the shares in Queensland Cotton Holdings Limited (Queensland Cotton) (Offer).

The Revised Offer by Olam – A $5.90 Per Share Unconditional:
Olam announced that it has increased its Offer to A$5.90 cash per share. This higher price will now be paid to all accepting shareholders regardless of the aggregate level of acceptances received by Olam.

All Queensland Cotton shareholders who accept Olam's Offer will be paid A$5.90 per share in cash in full within 5 days of receipt of acceptance. All shareholders who have already accepted Olam's Offer at A$5.65 per share will receive an additional A$0.25 per share.

The offer price values Queensland Cotton at A$166.45 million and is higher than Louis Dreyfus' offer of A$5.85 per share. Mr Sunny Verghese, Group Managing Director and CEO of Olam said: “We have always sought to adopt a disciplined approach to valuation throughout this transaction with incremental consideration only payable if we were confident of obtaining effective control of Queensland Cotton. Our offer has now been increased to A$5.90 per share with such offer no longer being conditional on any level of minimum acceptance.”

“We are pleased that the Queensland Cotton board recommends our revised offer and that Louis Dreyfus Commodities, the world's leading cotton trading house, has announced that they will immediately accept our offer."

"This improves our prospects to secure effective control of Queensland Cotton and capture the synergies that we have identified in this transaction. We believe that A$5.90 per share represents an outstanding outcome for all Queensland Cotton shareholders”.

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Queensland Cotton Holdings Limited

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