Aramex says no impact on operations as it decides on Q Logistics' buyout bid
DFM-listed Aramex appoints financial, legal advisors to help with Q's offer
Dubai: The DFM-listed logistics company Aramex says there will be no impact on operations as it weighs a buyout offer from Abu Dhabi’s Q Logistics.
“Aramex continues to deliver uninterrupted, high-quality services to its customers and partners,” said a statement. “With over 40 years of leadership in the logistics and transportation industry, this offer is viewed as a testament to the strength of Aramex’s business, its achievements, and its future potential.”
The Q Logistics offer is to buy all of Aramex’s share that’s not held by AD Ports Group. If the deal goes ahead, and every analyst believes it will, this creates a mega logistics operator with a fairly established presence in the region and beyond.
On January 15, Aramex’s Board of Director met to discuss the Q Logistics offer, ‘marking the initial stage of this process’. The Board then appointed independent financial and legal advisors - HSBC, and Clifford Chance - to take the process forward.
On DFM, the Aramex stock has been putting on some heft, trading at Dh2.85 after gaining 0.7% on Monday (January 27). The 52-week high is Dh2.93.
What next to get bid process done?
Aramex will 'proceed in accordance with the requirements of applicable law', including the Securities and Commodities Authority's 'Rules of Acquisition and Merger of Public Joint Stock Companies'.
"Such regulatory requirements include, amongst others, a due diligence exercise, the launching of an official tender offer, securing SCA approvals, the preparation of a fairness opinion, and notifications to shareholders," said a statement.
The process is expected to pick up serious speed in the coming weeks, and once done, could make for one of the blue-chip corporate deals in the UAE this year.
