Maridive receives a $48mln takeover bid over its subsidiary
Maridive and Oil Services said that Khaled Abdullah Al Subeaei Holding Company offered to acquire 100% stake of its 99.98%-owned subsidiary Maridive Offshore Projects.
Al Subeaei's bid amounts to $48mln, Maridive said in a statement to the Egyptian Stock Exchange.
Maridive's statement includes no details about method of payment, nor date for executing the deal, as the offer will be referred to the board of directors for approval, Maridive said.
The matter is still under consideration until the completion of all the required procedures and organizational aspects and the receipt of the administrative approvals.
The takeover bid is scheduled to be discussed during meeting of board of directors on next Sunday, 14 February, according to Maridive which said that it will be bound by Article 43 governing enrollment rules.
Board of Directors of Maridive and Oil Services agreed on July 9 to go ahead with procedures necessary for approving the offer extended by Khaled Abdullah Al Subeaei Holding Company to acquire a 99.9% stake of Maridive and Oil Services in Maridive Off-shore Projects.
Maridive and Oil Services' board of directors agreed representatives of Khaled Abdullah Al Subeaei Holding Company to subject Maridive Offshore Projects to due diligence procedure.
