Olam: NZ Farming Systems Uruguay has discontinued its search for a new investor & advised s/hlders to accept Olam’s offer of NZ$0.70. NZS said its recommendation was based on the assurances given by Olam regarding capital raising and farming operations. It noted that Olam's offer now lies within its fair valuation range & is confident that Olam can provide the funding certainty to support the capital needs of NZS. Closing date of offer is 24 Sep.
This clears the way for Olam’s takeover of loss making NZS (FY10: -US$10.4m). So far, Olam has received acceptances for 37% of NZS & requires another 13% to make the offer unconditional. Stock nearing $2.80 double top with stochastics about to reverse, support at $2.67.
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