Clover Pakistan has received a non-binding offer from Kraft Foods Pakistan to purchase all its assets relating to Tang, according to a notice sent to the Karachi Stock Exchange.
The board of directors of Clover Pakistan has decided to enter into further discussion with Kraft Foods Pakistan for the possible sale of Tang including manufacturing facilities, adds the notice.
The company’s stock price fell Rs2.84 to close at Rs54.11 during trade at the Karachi Stock Exchange on Monday.
The offer is subject to Kraft Foods Pakistan completing a satisfactory due diligence exercise and several other conditions, including regulatory approval.
Published in The Express Tribune, November 15th, 2011.
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