ADQ’s voluntary tender offer for Aramex becomes unconditional

The voluntary tender offer by Q Logistics Holding, a wholly-owned indirect subsidiary of Abu Dhabi’s ADQ, to acquire 100 per cent of the issued and paid-up share capital of Aramex, has become unconditional from Tuesday, 22^nd July.

Q Logistics Holding said that it has now received all required antitrust and foreign direct investment regulatory and statutory approvals, exemptions and waivers from relevant governmental authorities within and outside of the UAE.

ADQ subsidiary completes Aramex acquisition deal

All other conditions of the Offer Document have now been satisfied or waived in accordance with the requirements set out in the document, which was published on 10^th February.

It is expected that payment of consideration to Aramex Shareholders and the registration of the Aramex Shares in the name of Q Logistics Holdings will take place on 25 July. Post 25 July, all Aramex shares will be registered in the name of Q Logistics Holding LLC.

On 13 January this year, Q Logistics Holding had announced its intention to acquire up to 100 per cent of Aramex’s issued and paid-up ordinary shares, not already held by Abu Dhabi Ports Company.

On 9 February, Aramex received the SCA-approved offer document from Q Logistics. Its Board of Directors convened on 11 February, considered the offer to be fair from a financial perspective for its shareholders, and approved it for recommendation.

Under the terms, shareholders of Aramex who accepted the offer were entitled to receive AED 3 in cash for each of their shares. Q Logistics Holding obtained acceptances representing 40.57 per cent of Aramex shares.

Abu Dhabi Ports Company owns 22.69 per cent shares. The aggregate acceptances, together with the shareholding of AD Ports Group, amounted to 63.26 per cent of shares, which exceeded the minimum acceptance conditions for the offer.