Board says there have been no developments that would cause unusual trading in its shares after 14% spike
The board of Kuwait Food Co, better known as Americana, is not aware of any bids for a stake in the company and there have been no developments that would cause unusual trading in its shares, the firm said on Wednesday.
Americana, backed by Kuwait's billionaire al-Kharafi family, has seen its shares rise 14 percent in the last three days after Bloomberg said that Singapore's Temasek Holdings and Saudi's Savola Group have teamed up to bid for the Kuwaiti firm in a potential deal valuing the company at between $4 billion and $5 billion.
Americana has a market value of around $3.11 billion according to Thomson Reuters data.
The company said in a statement neither its board nor executive management had received any bids or related information from Al Khair Company, referring to the entity which owns the Kharafi's 66.8 percent stake.
Americana's shareholders have been in talks since early 2014 about selling a stake in the firm with private equity funds KKR and CVC previously among the main contenders.