Al Muhaidib declines Retal’s offer for Ajdan stake as Sumou proposes separate buyout deal
According to a statement to Tadawul, Retal said Al Muhaidib indicated its preference to retain its stake in Ajdan, as it represents a long-term strategic investment, citing confidence in the company’s prospects and alignment with its investment vision. 
The company added that on Feb. 20, it received a notice from Al Fozan Holding Co. regarding an offer submitted by Sumou Global Investment to Al Fozan and Al Muhaidib to purchase their entire stake in Ajdan, representing 5% of Ajdan’s capital, for a cash consideration of SAR 125 million, implying a valuation of SAR 2.5 billion for Ajdan.
It added that the notice also included an offer for Ajdan itself, rather than Al Fozan and Al Muhaidib, to acquire the shares owned by Sumou in Ajdan through a share buyback transaction.
The company said Al Fozan requested Retal to approve Sumou’s proposed transaction and related arrangements, in accordance with the existing share swap agreement between Retal and Al Fozan. Retal provided its written approval for the proposed transaction on Feb. 22.
Retal indicated that its stake in Ajdan will reach 50% upon completion of Sumou’s proposed deal and the main transaction.
It added that full details of both transactions will be disclosed in a shareholders’ circular to be published after obtaining the necessary regulatory approvals.
According to Argaam data, Retal recently announced that it had submitted an offer to Al Muhaidib to acquire 14.25 million shares, representing 47.5% of the capital of Ajdan in exchange for issuing 55 million new ordinary shares in Retal.
Al Muhaidib declines Retal’s offer for Ajdan stake as Sumou proposes separate buyout deal
According to a statement to Tadawul, Retal said Al Muhaidib indicated its preference to retain its stake in Ajdan, as it represents a long-term strategic investment, citing confidence in the company’s prospects and alignment with its investment vision.
The company added that on Feb. 20, it received a notice from Al Fozan Holding Co. regarding an offer submitted by Sumou Global Investment to Al Fozan and Al Muhaidib to purchase their entire stake in Ajdan, representing 5% of Ajdan’s capital, for a cash consideration of SAR 125 million, implying a valuation of SAR 2.5 billion for Ajdan.
It added that the notice also included an offer for Ajdan itself, rather than Al Fozan and Al Muhaidib, to acquire the shares owned by Sumou in Ajdan through a share buyback transaction.
The company said Al Fozan requested Retal to approve Sumou’s proposed transaction and related arrangements, in accordance with the existing share swap agreement between Retal and Al Fozan. Retal provided its written approval for the proposed transaction on Feb. 22.
Retal indicated that its stake in Ajdan will reach 50% upon completion of Sumou’s proposed deal and the main transaction.
It added that full details of both transactions will be disclosed in a shareholders’ circular to be published after obtaining the necessary regulatory approvals.
According to Argaam data, Retal recently announced that it had submitted an offer to Al Muhaidib to acquire 14.25 million shares, representing 47.5% of the capital of Ajdan in exchange for issuing 55 million new ordinary shares in Retal.
