Knauf launches $78M tender offer to delist United Mining Industries from Saudi Arabia's Nomu
What's the deal? Knauf International GmbHDealroom has a profile for this one. Try Dealroom → has launched a $78 million cash tender offer for the remaining public shares of United Mining Industries (UMI)Dealroom has a profile for this one. Try Dealroom →, offering SAR57 per share to take the company off Saudi Arabia's Nomu Parallel Market. The acceptance period opened on 27 September 2026, with a full delisting targeted for November 2026.
Why it matters: The landmark is the structure, not the size. This is the first time a foreign strategic investor has bought a controlling majority through a private deal and then followed with a public tender offer to take a company fully off Saudi Arabia's parallel exchange, according to analyst Abdulaziz Khuraiss.
The terms: KnaufDealroom has a profile for this one. Try Dealroom → is targeting 5,149,331 shares it does not already hold. If every eligible shareholder tenders, it pays SAR293.5 million, roughly $78 million. The combined value across both phases reaches about SAR798 million (approximately $213 million).
What's unusual: The offer carries no minimum acceptance threshold. Knauf proceeds regardless of how many minority shareholders tender, leaving holders a binary choice: accept SAR57 in cash or remain in a company heading toward delisting.
How Knauf got here: The public offer is the second act of a single design. In May 2026, Knauf acquired a controlling stake in UMI through a private purchase, then moved to buy out the rest.
The timetable: The acceptance period runs until 4 November 2026, with any revised offer due by 17 November. Payment to selling shareholders is targeted for 18 November, and completion is expected 19 November.
What could go wrong? The market has not fully priced in the deal. UMI's last trade on 27 September was SAR55.80, still below the SAR57 offer and only modestly above its SAR55.50 close on 24 September. That gap signals shareholders remain uncertain about acceptance.
The signal: A German building materials group taking a full delisting route through Nomu shows foreign capital deepening its reach into the Kingdom's mining sector, and a new template for how strategic investors can pursue control on Saudi Arabia's markets.
Read more: discoveryalert.com
Image credit: Esprit de sel
