Fauji Fertilizer raises offer price to acquire Agritech shares amidst competition
The revised bid increases the offer price for Agritech shares from Rs. 38.84 to Rs. 39.05, reflecting a strategic response to Maple Leaf Cement’s competing bid.
Fauji Fertilizer Company Ltd has raised its offer price for acquiring up to 151 million ordinary shares of Agritech Limited, increasing the bid from Rs. 38.84 to Rs. 39.05 per share.
This adjustment in the offer price follows a competing bid by Maple Leaf Cement Factory Ltd, which recently made a public offer for Agritech shares. Fauji Fertilizer announced the revision in a notice to the Pakistan Stock Exchange (PSX) on Monday.
As a result of the increased offer price, the total value of the proposed acquisition rises from Rs. 5,867 million to Rs. 5,899 million.
Agritech Limited, primarily engaged in the production and sale of Urea and Granulated Single Super Phosphate (SSP) fertilizers, remains a key player in the country's agricultural sector.
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