Olam Agri Holdings Limited announced it is making an off-market takeover offer to acquire Namoi Cotton Limited for $0.59 (A$0.66) per share, subject to obtaining at least a 50.1% stake in the latter. "The offer is being made as an off-market takeover offer rather than by way of a concurrent scheme of arrangement and takeover offer structure as originally proposed under Olam's NBIO to provide simplicity and certainty for Namoi shareholders," Olam Agri explained. The agri-business unit of the Olam Group said the offer price may be increased to $0.62 (A$0.70) apiece if it obtains at least 90% of Namoi's shares before the end of the offer period.