Logo of United Mining Industries Co.
The Capital Market Authority (CMA) approved on Sept. 21, the publication of the offer document submitted by Knauf International GmbH to United Mining Industries Co. (UMI) to take over all outstanding shares in the company. 
The market regulator said in a statement the offer document provides shareholders with the information needed to assess the proposal, including details of the offer and associated risk factors. It urged shareholders to review the document carefully before making a decision.
It added that the approval to publish the offer document does not constitute an endorsement of the transaction or its merits, but only confirms compliance with the relevant requirements under the Capital Market Law and its executive regulations.
According to Argaamdata, UMI was notified by Knauf in May that it had completed a negotiated deal to acquire the entire shares of the company’s major shareholders. The deal covered 8.9 million ordinary shares, representing 63.2% of UMI’s share capital, for SAR 504.5 million.
In June, UMI announced on behalf of Knauf, the latter’s firm intention to bid for the company’s shares.
Knauf, which currently owns 63.2% of UMI, is offering to acquire up to 5.15 million remaining shares for SAR 57/share.
UMI shares closed at SAR 52.75 on Nomu yesterday.
Logo of United Mining Industries Co.
The Capital Market Authority (CMA) approved on Sept. 21, the publication of the offer document submitted by Knauf International GmbH to United Mining Industries Co. (UMI) to take over all outstanding shares in the company.
The market regulator said in a statement the offer document provides shareholders with the information needed to assess the proposal, including details of the offer and associated risk factors. It urged shareholders to review the document carefully before making a decision.
It added that the approval to publish the offer document does not constitute an endorsement of the transaction or its merits, but only confirms compliance with the relevant requirements under the Capital Market Law and its executive regulations.
According to Argaamdata, UMI was notified by Knauf in May that it had completed a negotiated deal to acquire the entire shares of the company’s major shareholders. The deal covered 8.9 million ordinary shares, representing 63.2% of UMI’s share capital, for SAR 504.5 million.
In June, UMI announced on behalf of Knauf, the latter’s firm intention to bid for the company’s shares.
Knauf, which currently owns 63.2% of UMI, is offering to acquire up to 5.15 million remaining shares for SAR 57/share.
UMI shares closed at SAR 52.75 on Nomu yesterday.
