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Americana endorses Adeptio offer to minority shareholders
January 9, 2017, 4:52 pm

The board of Kuwait Food Co. (Americana) said on Monday an offer from its major shareholder Gulf investment firm Adeptio to buy out minority shareholders at 2.650 dinars was fair, according to a bourse statement.

Adeptio, an investment group led by Dubai businessman Mohamed Alabbar, on 20 October acquired a 66.79 percent stake in Americana valued at KD711.5 million ($2.33 billion).

The consortium was then obliged to launch a mandatory offer to buy Americana's remaining shares under Kuwaiti securities rules. Americana's board said that independent consulting firm Consultia concluded that the offer price was fair, the statement said, and the board has endorsed the offer.

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