Almarai Looks To Enter Poultry Sector With Share-Swap Deal

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, which went on to note that the offer represents a 29% premium over the closing price of Hadco's shares on November 5. The bid values Hadco at SAR703mn (US$187.5mn) with Almarai planning on issuing 5mn new shares to take control of Hadco's 30mn shares once the proposal

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