News: NAM UPDATE 1-Louis Dreyfus raises Namoi Cotton offer to $92 mln valuation, tops Olam Agri's...

(Updates throughout with further details on the deal, background)

May 7 (Reuters) - Netherlands-based global commodity merchant Louis Dreyfus Company (LDC) has raised the ante to buy Australia's Namoi Cotton (NAM) by sweetening its offer price marginally above that of rival bidder Olam Agri IPO-OLAA.SI .

Louis Dreyfus, Namoi Cotton's second-biggest shareholder with around 17% control, has proposed to buy the rest of the Australian cotton producer for A$0.67 per share, valuing the company at A$138.6 million ($91.78 million), Namoi Cotton said on Tuesday.

That is just a hair above Olam Agri's A$0.66 per-share offer, which values Namoi at A$136.6 million.

Both the offers are subject to the bidders acquiring a 50.1% stake in Namoi. Louis Dreyfus has already rejected Olam Agri's latest offer, while Namoi's top shareholder Samuel Terry Asset Management (STAM) has so far backed both the offers.

Singapore-based Olam Agri did not immediately respond to a Reuters' request for comment, while STAM declined to comment.

Just minutes after the new takeover offer was announced, an exchange filing issued on behalf of LDC showed the Dutch firm had raised its stake in Namoi to 16.99% from 16.40%. ($1 = 1.5101 Australian dollars)