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TC Mena raises offer price for Gulf Cement to AED 0.75 per share: TC Holdings raised its offer price to raise its stake from 37.6% to up to 100% of Gulf Cement to AED 0.75 per share up, up from AED 0.56, according to a disclosure (pdf). TC Mena said the higher price is meant to better reflect the value of the company and makes the offer more compelling for shareholders. The company is looking to acquire a minimum of a 50% plus one share.
By the numbers: The new offer price represents a 33.92% premium to the initial offer, and a 5.0% premium to Friday’sclosing price (AED 0.714). Shareholders who tendered their shares before 10 April will still be entitled to receive the new offer price. The new price values the transaction at AED 192.3 mn, giving the company a valuation of AED 307.9 mn.
Timeline: The subscription deadline is extended to Thursday, 24 April, with the offer settlement announcement slated for 8 May.
ADVISORS- Emirates NBD is quarterbacking the transaction as financial advisor, lead manager and receiving agent with Ibrahim N Partners providing legal counsel.
IN OTHER M&A NEWS-
#1- Hikma MENA x Takeda Pharma: The UAE arm of London-listed pharma giant Hikma MENA submitted a request to Kuwait’s Competition Protection Authority for approval to proceed with an economic concentration transaction involving the acquisition of an asset portfolio from Switzerland-based Takeda Pharmaceuticals International AG, according to a statement. The move follows a December agreement in which Hikma MENA acquired the rights to 17 pharma brands currently licensed to Hikma across selected MENA markets.
#2- UAE-based NAS Investment Holding is on track to become the majority shareholder in EGX-listed phosphate exporter Egyfert, after receiving approval from Egypt’s competition authority. NAS plans to raise its stake to up to 90%, up from 32.4%, through a transaction valued at EGP 522.5 mn (AED 37.5 mn), which puts Egyfert’s total valuation at EGP 912 mn (AED 65.5 mn), according to a statement. The offer price is set at EGP 95.0 per share, representing a 22.88% discount to yesterday’s closing price.
