Karachi: Fauji Fertilizer Company Limited has revised its public offer to acquire shares of Agritech Limited, increasing the offer price in the wake of a competing bid. The revised offer now stands at PKR 39.05 per ordinary share, up from the initial PKR 38.84, as per the disclosure of material information by Agritech Limited.

According to information available from the Pakistan Stock Exchange (PSX), the offer by Fauji Fertilizer Company (FFC) aims to acquire 151,052,013 ordinary shares, representing approximately 35.57% of the total paid-up ordinary share capital of Agritech Limited. The upward revision comes in response to a competing bid from Maple Leaf Cement Factory Limited, which was announced on November 11, 2024.

The revised offer maintains all previous terms and conditions, except for the offer price adjustment and an extension of the acceptance period. The acceptance period for the public offer will now remain open until January 4, 2025, aligning with the closure date of the competing bid. The revised offer will commence on December 12, 2024, as initially scheduled.

The value of the securities involved in the acquisition has been adjusted in line with the revised offer price, decreasing from PKR 5,867 million to PKR 5,599 million. This adjustment reflects the upward revision in the offer price, fulfilling the obligations of the acquirer under the public offer.

The revised public offer will be published in The Nation (English) and The Nawa-e-Waqt (Urdu) newspapers on November 20, 2024, following its initial publication on October 25, 2024.