Olam remains short by a minimum 5.8% acceptances. Olam needs a total 90% acceptances to allow it to mop up and compulsorily acquire the remaining 10% of shareholders, but it has not updated the market since Thursday last week when it confirmed it had reached 84.2% acceptances.
A block of shareholders, holding more than 10% of the Uruguayan dairy farm company, has resisted selling until Olam raised its 70c per share offer, which Olam has said it will not do.
Craigs Investment Partners broker Peter McIntyre said with no disclosure notices issued in recent days to the stock exchange, Olam may have gained only a small number of further acceptances since last week.
"They [Olam] appear to be struggling and are not travelling well toward the 90% threshold they need," he said yesterday.
Olam extended its acceptances deadline from Tuesday last week to Wednesday next week, noting to shareholders they could be called on to support a large capital raising, in a range of $US110 million ($NZ135.1 million) to $US115 million required for more development.
Once Olam's $37.6 million takeover bid lapses, it could potentially come back to the market and make another offer to the 10% of shareholders who are holding out.
