Major sale move from Sabancı: $1.1 billion offer received

Sabancı Holding has received a binding purchase offer of 1 billion 100 million dollars for its 39.72% stake in Akçansa, one of Turkey's leading cement producers. The holding company announced that it received the offer from an unrelated third party, subject to debt and cash adjustments. The offer will remain valid until a share transfer agreement is signed.

In the public disclosure, it was stated that the binding offer regarding the sale of Akçansa shares with a total nominal value of 76 million 35 thousand 136 lira would be evaluated within the framework of the holding's contractual and legal conditions. Furthermore, it was noted that this announcement had been previously postponed to protect the interests of the company and its partners, and was shared with the public after the reasons for the postponement had ceased to exist.

Akçansa shares had drawn attention by rising 22% over the last four trading days. This publicly disclosed sale development has clarified the reason for the upward movement in share prices. While the company's market value reached 812 million dollars following this increase, it is evident that Sabancı Holding is facing a price above the market value in the sale offer.

In Akçansa's current ownership structure, in addition to Sabancı Holding, Heidelberg Materials AG also holds a 39.72% stake in the company. Publicly traded shares stand at 20.56%. The company's registered capital ceiling is 500 million lira, and its paid-in capital is at the level of 191 million 447 thousand 68 lira.

News Source: 12punto