Agritech Limited has received a revised public offer from Fauji Fertilizer Company Limited (FFC) to acquire up to 151,052,013 ordinary shares, with the offer price increasing from Rs 38.84 to Rs 39.05 per share, the company announced in a share filing on Tuesday.
The revised offer, which aims to secure approximately 35.57% of AGL’s total paid-up share capital, is in response to a competing bid made by Maple Leaf Cement Factory Limited earlier this month.
“We would like to inform you that in accordance with Section 121 of the Act read with Regulation 17(5)(a) and Regulation 23 of the Regulations, the Purchaser is pleased to review the Public Offer Price in relation to the Offer Price, from PKR 38.84 per share (upwards) to PKR 39.05 per share of the target, without changing any other terms and conditions of the public offer,” Integrated Equities, the offer manager, said in a statement. Notice.
In light of this development, the revised offer increased the total deal value from PKR 5,867 million to PKR 5,899 million.
The deadline for the acceptance period has been extended to January 4, 2025, while the offer remains open for acceptance during business hours starting December 12, 2024.
The competing bid by Maple Leaf Cement Factory Limited (MLCF), published in a national daily newspaper on November 11, 2024, prompted FFC to amend its bid to remain competitive. According to Integrated Equities Limited, these changes will be reflected in all relevant documents, including the offer letter.
To take into account the upward revision of the offer price and fulfill the acquirer’s obligations under the public offer, the value of the guarantee has been increased from Rs 5,867 million to Rs 5,899 million.
Earlier, on November 6, MLCF had made a bid of Rs 39.00 per share to acquire 37.86% stake in Agritech, aggregating to 160,762,209 equity shares.
Interestingly, MLCF’s offer was also a competitive offer against an earlier offer by FFC, which had offered to buy 151,052,013 shares at Rs 38.84 per share.