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Reuters
Gulf investment firm Adeptio has chosen Kuwait’s National Investment Company (NIC) to manage a mandatory tender offer to remaining Kuwait Food Co (Americana) shareholders, the advisor said in a bourse filing on Sunday.
NIC did not provide a timeframe for when the offer process would happen.
The disclosure comes after Adeptio, led by prominent Dubai businessman Mohamed Alabbar, completed the acquisition of a 66.79 percent stake in Americana on Octover 20 for an amount of $2.35 billion.
Under Kuwaiti market rules, Adeptio must follow up its purchase with a mandatory offer to buy the outstanding shares in Americana. Adeptio said in a bourse filing on Oct. 23 that it was committed to that process.
Americana owns the Middle East franchises for fast food chains KFC and Pizza Hut and also produces branded consumer foods.