A significant corporate acquisition attempt in the Gulf food sector has concluded unsuccessfully as Kuwait’s Al Wafir for Marketing Services failed to secure adequate shareholder approval for its proposed takeover of Dubai-listed Unikai Foods PJSC. The voluntary conditional cash offer, which sought to obtain controlling interest in the prominent dairy and food producer, officially lapsed after falling substantially short of mandatory acceptance thresholds established under UAE securities regulations.
Initiated in January 2026, Al Wafir’s acquisition strategy targeted between 50% plus one share and 51% of Unikai’s outstanding ordinary shares at an offering price of AED 6.60 per share. This ambitious move would have positioned the Kuwait-based marketing firm as the majority stakeholder in the established UAE food manufacturer. However, by the February 16th closing deadline, the bid had garnered acceptances representing merely 24.22% of Unikai’s total issued share capital—significantly below the minimum 50% plus one share requirement mandated for transaction completion.
Notably, Al Wafir maintained no pre-existing equity position in Unikai and acquired no additional shares outside the formal offer mechanism during the specified period. Consequently, the total shares tendered remained unchanged at the closure of the offering window.
According to regulations enforced by the UAE Securities and Commodities Authority, conditional offers automatically become void when minimum acceptance conditions remain unfulfilled. Unikai Foods confirmed the formal cancellation of the proposed acquisition, clarifying that no share transfers would occur and participating shareholders would not receive the proposed cash consideration.
The unsuccessful takeover bid ensures Unikai’s continued operation as an independent publicly-traded entity with its current ownership structure intact. Industry analysts interpret this development as indicative of either shareholder dissatisfaction with the valuation offered or substantial confidence in Unikai’s autonomous growth trajectory within the competitive regional food market.
Market observers note this outcome underscores the considerable challenges regional acquirers face when attempting to secure controlling positions in publicly-listed corporations without robust shareholder consensus. The failure simultaneously signals Unikai investors’ apparent preference for maintaining control amid current valuations or their anticipation of enhanced future performance.
While terminating this specific acquisition attempt, financial experts suggest the outcome doesn’t preclude future strategic interest in Unikai, particularly given the expanding UAE food processing sector and increasing regional demand for branded consumer staples that continue to make established food producers attractive investment targets.