Sodic taps financial advisors to assess Aldar acquisition bid
Sodic to weigh Aldar acquisition offer: Our friends at Sodic have appointed unnamed financial advisors to look into Emirati real estate firm Aldar Properties’ bid to acquire a majority stake in the company, the upmarket developer said in a regulatory filing (pdf). Aldar last month submitted a non-binding offer to acquire at least 51% of Sodic’s shares for EGP 18-19 apiece. The offer’s midpoint price values the company at EGP 6.6 bn, and was at a 14% premium above Sodic shares’ closing price at the time the bid was made.
Sodic’s largest shareholder — a consortium of Act Financial, Hassan Allam Properties and Concrete Plus Engineering and Construction — has not closed the door on the bid, saying last month that it is “exploring all possible scenarios.” The consortium collectively holds more than 15% of Sodic’s shares. Olayan Saudi Investment holds 14%, while the Abanumay family has 10% and Ripplewood 9%.