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 increased from Rs 38.84 to Rs 39.05 per share, the company announced in a stock filing on Tuesday.
The revised offer, which aims to secure approximately 35.57% of AGL’s total paid-up share capital, comes 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 Acquirer is pleased to revise the Public Offer Price in respect of the Offer Price, from PKR 38.84 per share (upward) to PKR 39.05 per share of the Target, without changing any other terms and conditions of the Public Offer,” Integrated Equities, manager of the offer, said in a notice.
In light of this development, the revised offer has increased the total transaction value from PKR 5,867 million to PKR 5,899 million.
The closing date 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 Factory Limited (MLCF), published in a national daily on November 11, 2024, prompted FFC to adjust its offer to maintain competitiveness. According to Integrated Equities Limited, these changes will be reflected in all relevant documents, including the Offer Letter.
To account for the upward revision of the offer price and meet the Acquirer’s obligations under the Public Offer, the value of the security has been increased from Rs 5,867 million to Rs 5,899 million.
Earlier, on November 6, MLCF submitted an offer of Rs 39.00 per share to acquire a 37.86% stake in Agritech, totalling 160,762,209 ordinary shares.
Interestingly, MLCF’s offer was also a competitive bid against an earlier proposal by FFC, which offered to acquire 151,052,013 shares at Rs 38.84 per share.
