April 19, 2019 (MLN): Engro Fertilizers had received an unsolicited non-binding offer from Engro Corporation Limited on February 27, 2019, for the acquisition of 100% of the issued and paid up capital of Engro FZE, a wholly owned subsidiary of Engro Fertilizers.
Thereafter, the working teams of both parties negotiated the terms of Transaction for onward presentation to the respective committees and Board of Directors of both parties for their consideration.
The Board of Directors of Engro Fertilizers Limited, in their meeting held on April 19, 2019, have resolved to pursue the proposed transaction at an aggregate price of Rs. 1.76 billion, subject to adjustments at the date of closing of the transaction, Engro Corporation’s approval, along with compliance with the applicable laws.
Additionally, the Board resolved to authorize the necessary persons to take all necessary steps with respect to the transaction including to call an extraordinary general meeting of the shareholders of the Company for the purpose of inter alia, obtaining the approval of the shareholders of the Company for the transaction.
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