The firm Monday said that CMC shareholders controlling 79.3 per cent of the troubled motor dealer had agreed to sell their shares to the family-owned company as at Friday.
The promoters of the deal needed backing from CMC owners controlling at least 90 per cent of the dealer's shares to compulsorily acquire the remaining shares for a full buyout.
CMC shareholders have till close of business today to accept Al-Futtaim's Sh7.5 billion buyout offer, which was initially to end on
"We are definitely on track to successfully conclude this deal. We expect even more shareholders to sell their shares to us before
"This will enable us to add value to the automotive industry in
Al-Futtaim last week waived a condition requiring it to receive the support of CMC shareholders owning at least 75 per cent of the auto firm to complete the takeover and delist the car dealer from the
The waiver was interpreted by analysts as a sign that Al-Futtaim was struggling to meet their earlier set targets.
The buyout offer, which opened on
The minority shareholders will be expected to support future corporate actions by Al-Futtaim such as rights issues, a move that could see them get diluted if they fail to inject new funds on a pro-rata basis.
Analysts had expected majority of CMC's shareholders to accept Al-Futtaim's offer, citing loss of flagship Jaguar Land Rover franchise last year.
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