January 9, 2017 / 11:59 AM / 7 months ago

Board of Kuwait's Americana endorses Adeptio offer to minority shareholders

DUBAI, Jan 9 (Reuters) - The board of Kuwait Food Co (Americana) said on Monday an offer from its major shareholder Gulf investment firm Adeptio to buy out minority shareholders at 2.650 dinars was fair, according to a bourse statement.

Adeptio, an investment group led by Dubai businessman Mohamed Alabbar, on Oct. 20 acquired a 66.79 percent stake in Americana valued at 711.5 million dinars ($2.33 billion).

The consortium was then obliged to launch a mandatory offer to buy Americana's remaining shares under Kuwaiti securities rules.

Americana's board said that independent consulting firm Consultia concluded that the offer price of 2.650 dinars was fair, the statement said, and the board has endorsed the offer.

$1 = 0.3058 Kuwaiti dinars Reporting by Hadeel Al Sayegh, editing by Louise Heavens

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