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Ultratech amends the terms of its offer to ramp up Rak White Cement stake: Indian Cement Manufacturer UltraTech has revised its offer to acquire an additional stake in Ras Al Khaimah for White Cement (Rak White Cement), Rak White Cement said in a disclosure (pdf). UltraTech is now looking to acquire an additional 25% stake — equivalent to 125 mn shares — in Rak White Cement, revising its offer downward from the initial bid for an additional 31.6% stake (158 mn shares).
What’s next: The offer period is now being extended to 26 July, according to the disclosure. The deadline for shareholders to sell their shares to UltraTech was originally set to elapse yesterday.
REMEMBER- UltraTech acquired a 29.39% stake in Rak cement for USD 101 mn in 2022, as part of their plan to expand the cement manufacturer’s operations locally and globally, and to introduce new products to Rak Cement’s production portfolio.
OTHER M&A NEWS-
Abu Dhabi’s sovereign wealth fund Mubadala will invest USD 250 mn in the Turkish last-mile delivery company Getir as part of the company’s restructuring plans that will see it split into two separate entities, Sky News reports, citing insiders familiar with the approved restructuring plan.
Earlier this week the company’s shareholders approved splitting into two companies. One segment, specializing in food delivery in Turkey, will be primarily owned and controlled by Mubadala, with Batuhan Gultakan at the helm. Nazim Salur, the founder of the company, will not play an active role in this division. Instead, Salur will lead the other division, encompassing Getir’s ride-hailing services and additional assets.
Part of the proceeds will go towards repaying Getir’s outstanding debt, which included “ several mns of GBP owed to Tottenham Hotspur FC.”
Have Mubadala and Getir buried the hatchet? Bloomberg reported last month that tensions arose between Getir and its largest investor Mubadala after Chief Strategy Officer Derya Erdemli, was dismissed by the startup’s management. Erdemli had advised the startup to downsize operations, aligning with the investors’ recommendation to shut down foreign operations and concentrate on Turkey.
REMEMBER- Mubadala, along with other investors, provided Getir with additional funding — which Bloomberg said came in at about USD 200 mn — to Getir in late April. The investment was split into tranches, and full delivery contingent upon Getir meeting set targets, including changes to the board and a reshuffle of senior management.
