Mubasher: National Finance Co on Sunday announced that its board of directors approved to offer a “cash buyout” to Oman ORIX Leasing Company (OOCL).
“National Finance will be prepared to make price adjustments related to movements in OOLC’s financials between the cut-off date and the actual transaction date,” National Finance said in a statement to the Muscat Securities Market (MSM).
Accordingly, the MSM-listed finance company has sent an “offer letter” to ORIX Leasing for consideration.
“National Finance’s offer equates to a price of 1.20x the ending book value of OOLC, as 31 March (the cut-off date),” the company added.
The offer is subject to the approval of shareholders at both National Finance and Oman ORIX, as well as approvals from the relevant regulatory authorities in the Sultanate of Oman, the statement added.
Last month, the two firms’ shareholders said they will hold a meeting and form the basis for the talks regarding a potential merger.
In November 2016, the two Omani companies completed their initial assessment for a strategic cooperation before the appointment of the consultant.
