Queensland Cotton accepts revised Olam bid

Queensland Cotton Holdings Ltd on Thursday recommended a revised offer from Singapore's Olam International that values it at A$166 million ($139 million), ending a three-month bidding war.
Singapore-based Olam, which raised the offer price by 4.4 percent to A$5.90 per share, said in a statement that rival bidder, Louis Dreyfus Commodities B.V., has agreed to sell its entire 20 percent shareholding in Queensland Cotton.
"Should Olam acquire control of Queensland Cotton, it will, together, with the Queensland Cotton management, undertake a review of its assets and consider selling any assets outside Australia which are considered non-core," Olam said in a statement. Olam extended the offer to July 6 and declared it unconditional.
Queensland Cotton shares ended at A$5.90 on Wednesday. "We are pleased that Queensland Cotton board recommends our revised offer and that Louis Dreyfus Commodities has announced that they will immediately accept our offer," said Sunny Verghese, group managing director of Olam, in the statement. Once Louis Dreyfus accepts Olam's take-over offer, Olam's stake in Queensland would rise to 28.5 percent.