{"id":100655,"date":"2025-09-17T00:00:00","date_gmt":"2025-09-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/09\/17\/ades-raises-bid-for-dubai-based-shelf-drilling\/"},"modified":"2025-09-17T00:00:00","modified_gmt":"2025-09-17T00:00:00","slug":"ades-raises-bid-for-dubai-based-shelf-drilling","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/09\/17\/ades-raises-bid-for-dubai-based-shelf-drilling\/","title":{"rendered":"Ades raises bid for Dubai-based Shelf Drilling"},"content":{"rendered":"

Ades ups offer to take over Shelf Drilling: <\/strong>Ades International Holding, along with its Cayman-based BidCo, agreed revised terms with Dubai-based and Oslo-listed Shelf Drilling to acquire all outstanding shares<\/a> at NOK 18.50 per share, up from NOK 14 previously, according to a joint statement (pdf)<\/a>. The new price is a premium of 33.6% to its previous closing price on 15 September. Ades already owns 17.9% of Shelf. <\/p>\n

The increase represents around 6% more enterprise value compared to the previous price<\/strong> \u2014 or a USD 100 mn increase in enterprise value terms, which Ades CEO Mohamed Farouk said is a reasonable increase to reach an agreement with shareholders in transactions of this size in an interview with Al Arabiya (watch, runtime: 5:47)<\/a>. The firm\u2019s equity value is now estimated at USD 1.7 bn, up from USD 1.6 bn under the previous terms.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The company has already secured 53.4% voting commitments in favor of the merger under the new terms<\/strong>, up from 15% before the initial August announcement. Shelf\u2019s board of directors has unanimously recommended the offer. expects to secure 80-90% of votes, making the transaction almost certain, he said<\/p>\n

Background: <\/strong>Shelf\u2019s stock had fallen to NOK 18 a year ago from NOK 30 the previous year, Farouk said, before dropping to around NOK 8.5, which made the offer highly attractive, Farouk said in the interview. <\/p>\n

Annual cost synergies are now estimated to come in at USD 50-60 mn<\/strong>, from USD 40-50 mn previously, taking into account jack-up market fundamentals. Farouk added that Ades currently operates in 13 countries, and after completing the transaction, that footprint will expand to 19 countries.<\/p>\n

What\u2019s next:<\/strong> Shelf Drilling cancelled the extraordinary general meeting scheduled for 16 September and will instead convene a new meeting expected to take place on or around 6 October. The transaction timeline remains unchanged, with closing still expected in 4Q.<\/p>\n

ADVISORS- <\/strong>SpareBank 1 Markets is quarterbacking the transaction as Ades\u2019s sole financial advisor, with Schj\u00f8dt and Maples Group providing counsel. Meanwhile, Evercore is advising Shelf Drilling, with Advokatfirmaet Thommessen AS, Conyers and Latham & Watkins providing counsel.<\/p>\n

Market reax:<\/strong> Ades\u2019 share prices rose 2.3% to SAR 15.10 on market close.<\/p>\n

\n

\n

IN OTHER M&A NEWS- <\/strong>First Milling moves closer to acquiring majorit<\/strong>y stake in Al Kenan <\/strong>Al Arabia:<\/strong> First Milling<\/a> signed a binding agreement to acquire 60% of feed distributor Al Kenan Al Arabia Trading Company for SAR 48 mn, pending regulatory approvals, it said in a disclosure to Tadawul<\/a> yesterday. This comes after last month\u2019s<\/a> full acquisition of Manar Feed Company, which boosted First Mills\u2019 daily feed capacity by 420 tons to 1.3k tons.<\/p>\n

ICYMI- <\/strong>We sat down with First Mills\u2019 CFO Alaaeldin Shousha back in March<\/a> for a chat about the company\u2019s challenges, successes, and future goals, which include earmarking around SAR 210 mn for expansion over the next two years.<\/p>\n","protected":false},"excerpt":{"rendered":"

The update reflects an upward revision in annual cost synergies to USD 50-60 mn<\/p>\n","protected":false},"author":1,"featured_media":100656,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[10,14,87],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-100655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam-ksa","tag-ma-watch","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"9a088308-8571-4048-a59c-19d61881de25","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/8\/312.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ades raises bid for Dubai-based Shelf Drilling","related_issue":[100650],"teaser":"The update reflects an upward revision in annual cost synergies to USD 50-60 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/9\/.2fc6c71c-8fc6-4647-8032-638425a604b7.mp3"},"yoast_head":"\nAdes raises bid for Dubai-based Shelf Drilling - 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