SINGAPORE — Olam International Ltd. amended its initial acquisition offer for Dangote Flour Mills Plc (DFM) from 130 billion naira to 120 billion naira or 24 naira per share, according to The Nation.

On Aug. 5, Olam sent the revised offer to DFM. DFM’s board of directors approved the new offer noting it is still subject to regulatory approval.

If the acquisition is complete, DFM will become a wholly-owned subsidiary of Olam.

In late April, Olam submitted a binding offer to acquire 100% equity of DFM. Under terms of the transaction, Olam would acquire all the outstanding and issued shares of DFM that it does not currently own through a Scheme of Arrangement.

When the acquisition was first announced Olam said it was part of its strategy to strengthen its portfolio and came after the company unveiled its six-year strategic plan to invest $3.5 billion in several key business areas — including grains and animal feed — while divesting four businesses, part of the company’s 2019-24 plan.

DFM is a Nigerian-based company engaged in wheat milling, flour and pasta manufacturing and distribution.

Olam currently operates wheat milling, flour and pasta manufacturing in Nigeria and Sub-Sharan Africa.