An investment group led by Mohamed Al Alabbar made a mandatory takeover offer to acquire the remaining 31.4% stake in Kuwait Food Company (Al Americana) K.S.C.P. (KWSE:FOOD) from Kuwait Cement Company K.P.S.C. (KWSE:KCEM) and others for approximately KWD 330 million on February 4, 2016. As of November 28, 2016, Public Investment Fund acquired 50% stake in the investment group. Mohamed Al Alabbar and Public Investment Fund will contribute, by way of equity, and in equal proportions, the total amount of up to KWD 182.91 million to fund the transaction. The balance of the purchase price will be financed by way of bank debt. The buyer, as borrower, entered into financing arrangements with Ahli United Bank BSC, Credit Suisse AG, Emirates NBD Capital Limited, First Gulf Bank PJSC, National Bank of Abu Dhabi PJSC and Standard Chartered Bank, as joint arrangers, book runners and lenders (collectively lenders), whereby the lenders are advancing to buyer the sum of KWD 146.27 million. The offer will open on January 12, 2017, and will close on February 13, 2017. The Board of Kuwait Food Company (Al Americana) approved the offer on January 9, 2017. Americana's board concluded the offer price was fair and advised shareholders to accept the offer price. National Investments Company acted as acquisition manger to the buyer in the deal. As of February 14, 2017, Americana's minority shareholders agree to sell 107.1 million shares. Fawaz Elmalki and Oliver J. Simpson of Conyers Dill & Pearman acted as legal advisor for Mohamed Al Alabbar in the transaction. An investment group led by Mohamed Al Alabbar and Public Investment Fund completed the acquisition of an additional 27.37% stake in Kuwait Food Company (Al Americana) K.S.C.P. (KWSE:FOOD) from Kuwait Cement Company K.P.S.C. (KWSE:KCEM) and others for approximately KWD 280 million on February 13, 2017. As a part of the offer, 107.7 million shares were tendered.