Rasmala Distribution (Cayman) Limited, a subsidiary of Rasmala Buyout Fund LP, and Aramex International Limited recently announced that they have entered into an agreement under which Rasmala Distribution will commence a cash tender offer to acquire all of the outstanding common shares of Aramex, stated a press release.
Rasmala Distribution is an investment vehicle formed by Rasmala Buyout Fund LP, a Dubai-based leveraged buyout fund, and certain of its affiliates. Aramex's Chief Executive Officer and President, Fadi Ghandour, has agreed to acquire, simultaneously with the consummation of the tender offer, certain voting and non-voting securities of Rasmala Distribution (Cayman) Limited, representing an approximately 28 percent of equity interest in the company.
Under the terms of the agreement Rasmala Distribution will offer $12.00 per outstanding common share of Aramex for an aggregate purchase price of approximately $61 million. The tender offer, which is not conditioned upon financing, is expected to commence promptly and is expected to close in February 2002.
The bidder's obligation to purchase any Aramex shares under the agreement will be subject to at least 75 percent of Aramex's common shares being tendered on a fully diluted basis before the offer expires, certain regulatory filings and other customary closing conditions. Any shares of Aramex not acquired in the tender offer are expected to be acquired either in a subsequent compulsory acquisition or amalgamation at the same $12.00 per share cash price.
Three of Aramex's principal shareholders, Fadi Ghandour, Rula Ghandour and William Kingson, have irrevocably committed to tender their shares, representing approximately 51 percent of Aramex's outstanding shares in the transaction. TM Capital Corporation is serving as Dealer Manager and Georgeson Shareholder Communications Incorporated is serving as information agent in connection with the tender offer.
Aramex, with $85.4 million in revenues for the nine months of 2001 is an international and domestic express package delivery, freight forwarding, logistics and other transportation service provider, primarily to - from and within the Middle East and the Indian Sub-Continent. Since its establishment in 1982, Aramex has expanded its network to include 120 locations in 33 countries. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
