Almarai, the Gulf’s largest dairy producer by market value, has offered to buy Hail Agricultural Development (HADCO) in a share-swap deal.
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The company said in a statement on the Saudi stock exchange that it has offered one share for every six of HADCO’s and will issue five million new shares to acquire the local agriculture and poultry farmer.
The proposed offer represents a 29% premium over the closing price of Hadco’s shares on 5 November and reportedly values HADCO at SAR703m (US$187.5m).
The proposed offer has been approved by Almarai’s board of directors. However, any final offer by Almarai is subject to financial and technical confirmation and approval from the Capital Market Authority and shareholders of Almarai and HADCO.
Almarai said it is “committed to completing the proposed transaction in a quick and efficient time frame” and is expected to announce further details in due course.
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By GlobalDataIn August, Almarai signed an initial agreement to buy Egyptian dairy and juice manufacturer Beeaty, marking the company’s first move into Egypt.
