Saudi's Almarai's Tries To Diversify

Leading Saudi Arabian dairy company Almarai has made an offer to take over local company Hail Agricultural Development (HADCO) in a share-swap deal. Almarai, which is the Gulf's largest dairy firm by market value, has offered Hadco shareholders one new Almarai share for every six shares they hold, according to an official statement. The offer therefore represents a 29% premium over the closing price of Hadco's shares on November 5, and values Hadco at SAR703mn (US$187.5mn). For Almarai, which plans on issuing 5mn new shares to take control of Hadco's 30mn units once the proposal receives regulatory approval

To read the full article, please choose one of the following options: