Cotton ginning company Queensland Cotton Holdings Ltd says it still intends to pursue its takeover offer for cotton trader Namoi Cotton Co-operative Ltd after the latter's board overturned its unsolicited AUD109 million bid.

Queensland Cotton says it is attempting to get in touch with Namoi's members so that it can negotiate with them about the deal.

The company rejects Namoi's claims that its bid undervalues the business and that it fails to account for the benefits to be had if the offer was accepted.