May 3 (Reuters) - Namoi Cotton's second-largest shareholder Louis Dreyfus Company (LDC) said on Friday it would not accept an A$136.6 million ($89.84 million) off-market takeover bid from Singapore's Olam Agri Holdings for the Australian cotton producer.

Olam had announced its A$0.66 per share bid on Thursday, which was dependent on whether it acquired at least 50.1% of Namoi. The offer price will increase to A$0.70 per share if Olam's holdings reach 90%, according to Olam.

The Olam offer beats the A$0.60 all-cash bid that was made on Monday by Netherlands-based global commodity merchant LDC to acquire the 83% of issued shares in Namoi that it does not already control.

Samuel Terry Asset Management Pty (STAM), Namoi's largest shareholder, has backed both Olam and LDC's takeover offers for the Australian company.

Olam and LDC have been bidding back and forth to win control of Namoi since earlier this year.

($1 = 1.5205 Australian dollars) (Reporting by Poonam Behura in Bengaluru; Editing by Rashmi Aich)