The Australian Securities Exchange was forced to scrap hundreds of thousands of dollars worth of trades in takeover target Namoi Cotton this week after failing to publish an updated $150 million takeover offer from bidder Louis Dreyfus before the shares were permitted to trade.

Some one million shares in Namoi, the ASX-listed operator of the country’s largest network of cotton gins, were cancelled, all of which traded within a six-minute window shortly after the market opened on Tuesday.