{"id":93192,"date":"2024-06-25T00:00:00","date_gmt":"2024-06-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/ultratech-is-bidding-for-less-of-rak-white-cement\/"},"modified":"2024-06-25T00:00:00","modified_gmt":"2024-06-25T00:00:00","slug":"ultratech-is-bidding-for-less-of-rak-white-cement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/25\/ultratech-is-bidding-for-less-of-rak-white-cement\/","title":{"rendered":"Ultratech is bidding for less of Rak White Cement"},"content":{"rendered":"

Ultratech amends the terms of its offer to ramp up Rak White Cement stake:<\/strong> Indian Cement Manufacturer UltraTech<\/a> has revised its offer to acquire an additional stake in Ras Al Khaimah for White Cement<\/a> (Rak White Cement), Rak White Cement said in a disclosure (pdf)<\/a>. UltraTech is now looking to acquire an additional 25% stake \u2014 equivalent to 125 mn shares \u2014 in Rak White Cement, revising its offer downward from the initial bid<\/a> for an additional 31.6% stake (158 mn shares). <\/p>\n

What\u2019s next:<\/strong> The offer period is now being extended to 26 July, according to the disclosure. The deadline for shareholders to sell their shares<\/a> to UltraTech was originally set to elapse yesterday.<\/p>\n

REMEMBER-<\/strong> UltraTech acquired<\/a> a 29.39% stake in Rak cement for USD 101 mn in 2022, as part of their plan to expand the cement manufacturer\u2019s operations locally and globally, and to introduce new products to Rak Cement\u2019s production portfolio. <\/p>\n

OTHER M&A NEWS-<\/p>\n

Abu Dhabi\u2019s sovereign wealth fund Mubadala will invest USD 250 mn in the Turkish<\/strong> last-mile delivery company Getir<\/strong> as part of the company\u2019s restructuring plans that will see it split into two separate entities, Sky News<\/a> reports, citing insiders familiar with the approved restructuring plan. <\/p>\n

Earlier this week the company\u2019s shareholders approved splitting into two companies.<\/strong> One segment, specializing in food delivery in Turkey, will be primarily owned and controlled by Mubadala, with Batuhan Gultakan at the helm. Nazim Salur, the founder of the company, will not play an active role in this division. Instead, Salur will lead the other division, encompassing Getir's ride-hailing services and additional assets.<\/p>\n

Part of the proceeds will go towards repaying Getir\u2019s outstanding debt<\/strong>, which included \u201c several mns of GBP<\/a> owed to Tottenham Hotspur FC.\u201d <\/p>\n

Have Mubadala and Getir buried the hatchet? <\/strong>Bloomberg reported last month<\/a> that tensions arose between Getir and its largest investor Mubadala after Chief Strategy Officer Derya Erdemli, was dismissed by the startup\u2019s management. Erdemli had advised the startup to downsize operations, aligning with the investors' recommendation to shut down foreign operations and concentrate on Turkey.<\/p>\n

REMEMBER- Mubadala, along with other investors, provided Getir with additional funding<\/strong> \u2014 which Bloomberg said came in at about USD 200 mn \u2014 to Getir in late April<\/a>. The investment was split into tranches, and full delivery contingent upon Getir meeting set targets, including changes to the board and a reshuffle of senior management. <\/p>\n","protected":false},"excerpt":{"rendered":"

Ultratech Cement has previously submitted a partial conditional cash offer to acquire an additional 31% stake<\/p>\n","protected":false},"author":1,"featured_media":93193,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","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":[2392],"tags":[7,1395,60,1343,1300],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseam-uae","tag-investments","tag-ma-watch","tag-mubadala","tag-ultratech","wpautop","entry"],"acf":{"mongo_id":"18321f53-a960-4b9f-b0e3-a6df875204db","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1524.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Rak White Cement gets revised Ultratech offer","related_issue":[93180],"teaser":"Ultratech Cement has previously submitted a partial conditional cash offer to acquire an additional 31% stake","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.15f03340-76f1-4b30-b583-70fb75c113e0.mp3"},"yoast_head":"\nUltratech is bidding for less of Rak White Cement - 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