United Mining completes transfer of acquired shares to Knauf

Logo of United Mining Industries Co.

United Mining Industries Co., on behalf of Knauf International GmbH, announced on Nov. 8 that the takeover offer had been settled and all related procedures completed.

The acquired shares were allocated and transferred to Knauf, and the consideration was paid to all selling shareholders.

In a statement, the company said that Knauf’s ownership in the company had increased from 63.2% to 99.3% following settlement of the takeover offer.

It added that any selling shareholder who has not received the consideration should contact the licensed financial institution through which they hold their shares for further details.

As some shareholders did not accept the takeover offer and retained their shares, the company highlighted the following, in accordance with the offer document:

First: Knauf intends to submit an application to the Capital Market Authority (CMA), pursuant to Article 230 of the Companies Law and Paragraph (f) of Article 24 of the Merger and Acquisition Regulations, seeking approval to make a mandatory offer requiring the remaining shareholders to sell their shares to Knauf (the "Mandatory Offer").

If the CMA approves the application, the remaining shareholders will be required to sell their shares and transfer ownership to Knauf in exchange for cash consideration of no less than the takeover offer price of SAR 57 per share.

Second: Knauf intends to take the necessary steps to delist the company's shares from the Saudi Exchange (Tadawul) following completion of the takeover offer.

The delisting is subject to CMA approval and approval by the company's shareholders in the extraordinary general meeting (EGM), as outlined in the offer document.

According to data available with Argaam, United Mining, on behalf of Knauf, recently announced the results of shareholders' acceptance of Knauf's takeover offer. Shareholders tendered a total of 5.05 million shares, representing 36.1% of the company's capital, while Knauf held approximately 8.85 million shares, equivalent to 63.2% of the capital, before the offer period.

Following settlement of the takeover offer, Knauf's ownership in United Mining increased to 99.3% of the capital, while the remaining shares not tendered under the offer account for approximately 0.7%.