The board of directors of Wataniya of Kuwait has recommended to its shareholders to sell their shares in Qtel’s US$2.2bn tender offer for the Wataniya stake it does not already own.
Qtel offers to pay KD2.60 (US$9.19) for each of the outstanding 239…
The board of directors of Wataniya of Kuwait has recommended to its shareholders to sell their shares in Qtel’s US$2.2bn tender offer for the Wataniya stake it does not already own.
Qtel offers to pay KD2.60 (US$9.19) for each of the outstanding 239 million shares. The offer price represents a premium of 25.6% on the volume weighted average closing price of the stock in the two weeks leading up to 21 June and a 20.8% premium on the previous six months.
In a notice to the Qatar stock exchange Qtel welcomed the support by Wataniya’s board, which is based on a report by independent investment advisory firm Protiviti,
and which concluded that Qtel’s offer was fair and appropriate.
The offer period will launch on 4 September and run for one month until 4 October 2012.
Incumbent Qtel, which is said to be advised by Barclays Capital and the investment banking division of National Bank of Kuwait, already has a controlling 52.5% stake in Wataniya, which it acquired in 2007 for about US$3.7bn.
